CNN reports Bombardier has given up on commercial aviation, selling its regional jet business to Mitsubishi Heavy Industries for $550 million in cash.
The sale marks the end of an era for Montreal-based Bombardier, which has been forced to admit defeat in the face of heavy competition from the industry's entrenched duopoly, Boeing and Airbus . Bombardier CEO Alain Bellemare said the deal "represents the completion of Bombardier's aerospace transformation." The company will now focus on trains and private planes.