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Bombardier Closes Sale of UK Defense Unit (June 13)



MONTREAL ---The sale of Bombardier Service (UK) Limited's defence service business, including its wholly subsidiary Airwork Ltd, to subsidiaries of Vosper Thornycroft (UK) Limited of the United Kingdom, has been completed.

Bombardier and Vosper Thornycroft had announced heads of agreement on May 19, 2000, whereby Vosper Thornycroft would acquire Bombardier's defence service business in the UK for £30 million (Cdn. $66.7 million).

Bombardier Inc., a diversified manufacturing and service company, is a world leading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized recreational products. It is also a provider of financial services and asset management. The Corporation employs 56,000 people in 12 countries in North America, Europe and Asia and more than 90% of its revenues are generated outside Canada. Bombardier's revenues for its fiscal year ended Jan. 31, 2000, totalled $13.6 billion.

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Sale of Bombardier's Defence Business in the United Kingdom Completed