Canada's Bombardier Inc. (TSX: BBD), which was meant to take control of Israel Railways rolling stock maintenance following privatization, woke up this morning to hear that it had been pushed out (at least partly) by the agreement signed with the railways workers committee.
This evening Bombardier published its official response, "As of this moment, Bombardier has not received any official document notifying it about the cancellation of the agreement it signed with Israel Railways management on the subject of maintenance."
The announcement continued, "Bombardier's management is unpleasantly surprised and deeply disappointed to discover that despite its most honorable conduct in ongoing negotiations over 18 months, hiring employees, and investing millions of dollars, it has been forced to find out through the media that the agreement is not being kept. Dissolving this partnership with one of the largest international railways suppliers, will certainly not contribute to the continuing development of Israel Railways for the benefit of the public at large."
Published by Globes, Israel business news - www.globes-online.com - on March 27, 2012
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