The province and the planemaker also agreed to push back the date when Airbus can buy back Quebec’s stake in the joint venture to 2030.
Airbus and Quebec said Friday they will jointly invest US$1.2 billion to expand and speed up production of the A220 narrow body jet in Mirabel. Quebec will contribute US$300 million while the European planemaker injects US$900 million, according to a statement issued Friday.
Both parties also agreed to push back the date when Airbus can buy back Quebec’s stake in the joint venture by four years, to 2030.
Quebec first invested in the jet when it was known as the Bombardier C Series. Then-premier Philippe Couillard threw Bombardier a lifeline in 2015 by authorizing Investissement Québec to plough US$1 billion into the program for a 49.5 per cent stake. Bombardier eventually handed control of the C Series to Airbus — free of charge — in 2018, diluting Quebec’s stake, before exiting the venture two years ago.
Two years ago, Legault said it was “out of the question” for Quebec to make a further investment in the A220. He also renewed his criticism of Couillard’s 2015 decision to pump money into the program instead of buying a stake in Bombardier.