Word: jetted
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...consolidation are the order of the day," Tellier said recently, as he announced plans to raise $1 billion by selling Bombardier's recreational-products division, which makes popular Sea-Doo watercraft and Ski-Doo snowmobiles. "We have taken the measures to ensure we will be ready when the business-jet market picks up." But as Merrill Lynch analyst Ronald Epstein points out, Embraer doesn't depend on business-jet sales, and it has invested heavily in regional-jet R. and D. during the market downturn...
...There is really no competition" between the Legacy and Bombardier's business fleet, sniffed Bombardier spokesman Leo Knappen. "We have a whole family of jets specifically tailored for the executive-aircraft market, while Embraer has simply refitted one of its commercial jets." But as Knappen spoke, the government of India announced it had bought five 10-seat Legacys for use by its top officials. Bombardier--which owns Learjet, the world's most famous business-jet maker, and Global, a line of larger craft costing as much as $44 million--had competed for that contract...
Though Embraer's 2002 revenues of $2.5 billion were less than a third of Bombardier Aerospace's, the smaller firm has captured more than a third of the regional-jet market after entering only seven years ago with its 50-seat ERJ135 and has become the fourth largest aircraftmaker. The rivalry involves two of the best-run companies in the hemisphere, yet each side protests that the other doesn't play fair because it relies on taxpayer subsidies. Embraer says it needs government help to counter Bombardier's easier access to First World financing and technology; Bombardier says...
Both Bombardier and Embraer are gambling big money on ever larger regional jets. New 90-plus-seat models, the Bombardier CRJ900 (rolled out in January) and the Embraer ERJ190 (expected next year), cost each firm nearly $1 billion to develop but might face competition from Boeing's and Airbus' smallest models. Bombardier and Embraer are also beefing up international operations, especially in jet-hungry China. Embraer last year launched a $25 million joint venture to build 50-seaters in China for that market. Bombardier is in negotiations with other Chinese partners to build 70- and 90-seat jets...
...fates of the regional-jet makers and the airlines are intertwined as never before. Since the fall of 2001, Bombardier Aerospace has laid off nearly 8,000 employees worldwide, or about 22% of its work force, and Embraer more than 1,800 (almost 10%), as many existing orders have been postponed or converted into purchase options. Revenue is down significantly for both companies, and it was an ominous sign when a major competitor, Germany's Fairchild Dornier, filed for bankruptcy in April 2002. Embraer's usually brash CEO, Mauricio Botelho, 59, last month observed in nervous executivespeak, "The aerospace market...