Bombardier Faces its Future With Confidence
MONTREAL, QUEBEC--JUNE 10, 2003 - 10:30 ET
At the Annual and Special Meeting of
Shareholders held today, Laurent Beaudoin, Executive Chairman of
the Board, and Paul M. Tellier, President and Chief Executive
Officer, expressed their confidence in the future of Bombardier.
Reporting to shareholders on Bombardier's progress on its action
plan and highlighting its highly-skilled workforce, leading-edge
products and strong backlog, Tellier said about the future of
Bombardier: "I know this future will reflect our Corporation's
extraordinary past. We are indeed creating a new Bombardier from
the very strengths that we have inherited," he continued. "Having
weathered difficult times, we are now ready to go forward. I am
not minimizing the challenges we are facing but I am confident
that a great future lies ahead.
"We are strengthening the Corporation by limiting the risks,"
stated Tellier. "We have already made significant progress with
our action plan presented on April 3, as attested by the
successful equity issue and the recently-announced divestitures
of Belfast City Airport and the Military Aviation Services unit
of Defence Services.
"Just as important is the fact that our majority shareholder has
demonstrated its full support of the action plan despite the
painful decisions we have made," said Tellier, whose comments
were immediately followed by those of Laurent Beaudoin.
In his address to shareholders, Beaudoin reiterated the founding
family's commitment to the Corporation and the protection the
ownership structure affords all investors. "The majority
shareholder is an investor who signs up for the long haul, who
looks for good returns over the long term and who looks to ensure
the continuity of the Corporation. To do this, the founder's
heirs have even accepted - an emotionally difficult decision -
that the Corporation divest its recreational products.
"As such, the Bombardier family is and intends to remain the
majority shareholder of the Corporation by continuing to hold
Class A and Class B shares. We are convinced that the interests
of all shareholders will thus be better served and protected,"
said Beaudoin.
Tellier outlined the five reasons why shareholders should be
optimistic. "Bombardier is privileged to have a competent and
loyal workforce. Secondly, both in aerospace and rail
transportation, Bombardier has developed products that are at the
leading edge of technology. Thirdly, Bombardier has carved out
niches in both aerospace and transportation, either by creating
them from scratch or by leading their expansion. Fourthly, the
most important R&D investments in our products have been
completed. And finally, Bombardier's backlog totals close to $49
billion."
Tellier told shareholders that these factors "should give you the
confidence you've had in the past, the very confidence that has
made Bombardier the great Canadian institution it is today."
Bombardier Inc., a diversified manufacturing and services
company, is a world-leading manufacturer of business jets,
regional aircraft, rail transportation equipment and motorized
recreational products. It also provides financial services and
asset management in business areas aligned with its core
expertise. Headquartered in Montreal, Canada, the Corporation has
a workforce of some 75,000 people and manufacturing facilities in
25 countries throughout the Americas, Europe and Asia-Pacific.
Its revenues for the fiscal year ended Jan. 31, 2003 stood at
$23.7 billion Cdn. Bombardier shares are traded on the Toronto,
Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F). |
