Bombardier seeking bailout because of past mistakes: Embraer CEO
Bombardier Inc. is seeking government money because of “mistakes” it has made in the past, the newly named chief executive officer of rival Embraer SA said as he warned that Brazil might fight Canada over taxpayer aid offered to the Quebec-based plane maker.
June 13, 2016 By The Globe and Mail
“We are competing against the government; we are not competing any more against a private company,” Paulo Cesar de Souza e Silva said in an interview with The Globe and Mail this week. He spoke in his role as head of Embraer’s commercial aviation business, three days before the company named him its next CEO. He’ll replace long-time CEO Frederico Curado in July.
“What is more shocking is that the industry is doing very well on a global basis,” Mr. Silva said. “There’s no crisis in the commercial aviation industry. So why is big support from the government necessary to a private company? There is only one answer: It’s because of the mistakes Bombardier made in the past. And now there’s a huge gap. And Bombardier is asking for the government, to Canadian citizens, to cover this gap.” | READ MORE