The rising global security crisis causing Western governments to boost security spending has Montreal-based Bombardier looking to expand its presence in the military market.
The lion’s share of Bombardier’s revenues are generated through sales of luxury jets but it does have a footprint in the market for specialized aircraft used by governments for intelligence and reconnaissance that Bombardier wants to grow as Western governments increase their defence spending.
Bombardier chief executive Eric Martel told an interviewer at the International Aerospace Innovation Forum, a conference organized by the strategic think tank Aero Montreal, that he wants to grow the company’s defence business “quite significantly.”
Global military spending has increased every year for the last seven years, topping US$2 trillion for the first time last year, according to data from the Stockholm International Peace Research Institute.
Martel said defence could become a billion-dollar business for Bombardier, according to a report by Canadian Press.