P. M. BRIEFING : Britain Sells Aircraft, Missile Firm
The government said today it would sell Short Brothers Ltd., the ailing Belfast aircraft and missile maker, to the Canadian aerospace company Bombardier Inc. for 30 million pounds, about $47 million.
The announcement ended months of speculation over who would buy the state-owned company, which is Northern Ireland’s largest employer, after the government said it planned to privatize it.
The Northern Ireland Office said the government will inject 372 million pounds ($584 million) into Short Brothers and write off a 390 million-pound ($612 million) loan it made to Short earlier this year to help the company pay its debts.
“Bombardier recognizes the important position occupied by Shorts in the Northern Ireland economy and intends to acquire the company as a long-term investment and to maintain it as a complete entity,” Northern Ireland Secretary Tom King told the House of Commons. But he added that he could not guarantee that all workers would keep their jobs.
Short Brothers’ once made biplanes under license for U.S. aviation pioneers Orville and Wilbur Wright.
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