Friday, June 22, 2012
Bombardier CEO says Ontario needs to innovate to reverse manufacturing slump
From the Canadian Free Press
TORONTO - The CEO of transportation giant Bombardier Inc. (TSX:BBD.B) believes that with some innovation, Ontario can turn around a slump in its manufacturing sector, adding that his company has enough work orders to maintain staffing levels at its plants in the province.
Pierre Beaudoin said Tuesday that Ontario's manufacturing base has been seriously eroded by a strong Canadian dollar, uneven demand south of the border and the low cost of labour in emerging markets.
The outlook is bleak, Beaudoin said, but added he has seen prospects charge dramatically through first-hand experience at Bombardier, which is celebrating its 20th anniversary in the province.
Bombardier first invested in the province through the purchase of de Havilland and the Urban Transportation Development Corp. in 1992 during another crisis in the manufacturing sector. Read on...