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Bombardier expects new government in Argentina will help turnaround

Bombardier Inc. expects that business-jet sales will recover in Argentina now that a new government has taken power, helping to offset weakness in Brazil and Venezuela.


September 6, 2016
By Bloomberg News

“Argentina has reopened for the past seven months, and we’ve seen tremendous traction,”  said Stephane Leroy, sales head for the region. “We had virtually nothing for three years because customers couldn’t buy for regulatory reasons, tax reasons and foreign-exchange reasons.” Today, he said, the Montreal-based planemaker receives an inquiry about its jets every week.

Argentinian President Mauricio Macri has promised that South America’s second-largest economy will expand next year, after he removed controls on currency exchange and ended a 15-year standoff with creditors. While those steps deepened the country’s recession, they won international support after years with little foreign investment. International companies now have pledged to invest more than $20 billion through 2020, according to the Finance Ministry. | READ MORE