Bombardier Inc.: Statement on Commerce Department Antidumping Duties Preliminary Decision
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Bombardier Inc. /
Bombardier Inc.: Statement on Commerce Department Antidumping Duties Preliminary
Decision
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The issuer is solely responsible for the content of this announcement.
MONTREAL, QUEBEC--(Marketwired - Oct 6, 2017) - (TSX: BBD.A) (TSX: BBD.B)
(OTCQX: BDRBF) - "We strongly disagree with the Commerce Department's
preliminary decision. It represents an egregious overreach and misapplication of
the U.S. trade laws in an apparent attempt to block the C Series aircraft from
entering the U.S. market, irrespective of the negative impacts to the U.S.
aerospace industry, U.S. jobs, U.S. airlines, and the U.S. flying public.
The Commerce Department's approach throughout this investigation has completely
ignored aerospace industry realities. Boeing's own program cost accounting
practices - selling aircraft below production costs for years after launching a
program - would fail under Commerce's approach. This hypocrisy is appalling, and
it should be deeply troubling to any importer of large, complex, and highly
engineered products.
Commercial aircraft programs require billions in initial investment and years to
provide a return on that investment. By limiting its antidumping investigation
to a short 12-month period at the very beginning of the C Series program,
Commerce has taken a path that inevitably would result in a deeply distorted
finding.
We remain confident that, at the end of the processes, the U.S. International
Trade Commission will reach the right conclusion, which is that the C Series
benefits the U.S. aerospace industry and Boeing suffered no injury. There is
wide consensus within the industry on this matter, and a growing chorus of
voices, including airlines, consumer groups, trade experts, and many others that
have come forward to express grave concerns with Boeing's attempt to force U.S.
airlines to buy less efficient planes with configurations they do not want and
economics that do not deliver value.
The U.S. government should reject Boeing's attempt to tilt the playing field
unfairly in its favor and to impose an indirect tax on the flying public through
unjustified import tariffs.
Commerce's statement that Bombardier is not cooperating with the investigation
is a disingenuous attempt to distract from the agency's misguided focus on
hypothetical production costs and sales prices for aircraft that will be
imported into the United States far in the future.
As we have explained repeatedly to the Department, Bombardier cannot provide the
production costs for the Delta aircraft for a very simple reason; they have not
yet been produced. Commerce's attempt to create future costs and sales prices by
looking at aircraft not imported into the United States is inappropriate and
inconsistent with the agency's past practices. This departure from past
precedent and disregard of well-known industry practices is an apparent attempt
to deprive U.S. airlines from enjoying the benefits of the C Series, even though
Boeing abandoned the segment of the market served by the C Series more than a
decade ago.
This action also puts thousands of high-technology U.S. jobs at risk given the C
Series' significant U.S. content. More than half of each aircraft's content,
including its engines and major systems, is sourced from U.S. suppliers. Going
forward, the C Series program will generate more than $30 billion in business
for U.S. suppliers and support more than 22,700 jobs in the United States."
About Bombardier
Bombardier is the world's leading manufacturer of both planes and trains.
Looking far ahead while delivering today, Bombardier is evolving mobility
worldwide by answering the call for more efficient, sustainable and enjoyable
transportation everywhere. Our vehicles, services and, most of all, our
employees are what make us a global leader in transportation.
Bombardier is headquartered in Montreal, Canada and our shares are traded on the
Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2016, we
posted revenues of $16.3 billion. News and information are available at
bombardier.com or follow us on Twitter (at)Bombardier.
Note to Editors
To stay informed about this case, please visit our new dedicated website at
http://the-plane-truth.com/.
Bombardier and C Series are trademarks of Bombardier Inc. or its subsidiaries.
Contacts:
Simon Letendre
Senior Advisor, Media Relations and Public Affairs
Bombardier Inc.
+514 861 9481
Patrick Ghoche
Vice President, Investor Relations
Bombardier Inc.
+514 861 5727
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bombardier Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2017 - 22:01 Uhr
Sprache: Deutsch
News-ID 562787
Anzahl Zeichen: 5547
contact information:
Town:
West Montreal, QC
Kategorie:
Business News
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