Major Company Moving into Mississauga
Anyone who is looking for a new or different job opportunity might be happy to hear that a major company is leaving Toronto and heading into Mississauga.
Aerospace giant Bombardier, worth a whopping $10.4 billion, is coming to Mississauga and, ideally, bringing jobs with it.
Bombardier is selling its huge facility in North York to the Public Sector Pension Investment Board for about $635 million and moving to Pearson Airport.
The deal is expected to be finalized between now and the end of June.
The North York plant directly employs around 3500 people, but it’s not yet known how many new local jobs will be created when the new facility opens.
That said, thousands of other jobs are indirectly created among companies working with Bombardier in the area.
Bombardier is leasing 38 acres of property to open an assembly plant for its private jets.
“This cutting-edge facility will have the capacity to build up to 100 aircraft per year, and will give us the opportunity to further streamline and optimize our Business Aircraft operations, while securing thousands of high-tech, high-paying jobs in the Greater Toronto Area for years to come,” said Simon Letendre, senior advisor for media relations at Bombardier.
The company has over 4700 private jets, which they call “business aircraft” in operation.
He also said more details on this new facility will be provided at a later date.
However, Bombardier will remain at the Downsview facility for as long as three years after the sale, plus two optional one-year extensions.
"As part of Bombardier's five-year turnaround plan, we have been reviewing our facilities worldwide to ensure we have the most efficient and cost effective operations necessary to support our growth objectives," said Alain Bellemare, president and CEO. "Today, we only use about 10 percent of a 370-acre site at Downsview and bear the entire cost of operating a 7,000-foot runway.”
This move is coming as part of the company’s five-year “turnaround plan” after their stock plummeted to an all-time low of $0.80 in February 2016.
It reached a high of $26 in September of the year 2000 and right now it sits at $4.21.