Bombardier faults poor bizav market

 - May 5, 2008, 5:56 AM

Placing the blame primarily on a “severe downturn” in the U.S. business aviation market, Canadian OEM Bombardier last week slashed its net-income target for the current fiscal year by 21 percent. The company, which saw its business aircraft deliveries drop from 114 in the first half of last year to 74 for the same period this year, said the forecast includes a “one-time charge” to write down the value of used business aircraft. The announcement followed recent layoffs of 375 workers at its Learjet plant in Wichita.