By Adriano Marchese
Shares of Bombardier gained after the Canadian business jet manufacturer formed a partnership with Honeywell.
The stock rose 3.6% to 100.72 Canadian dollars ($71.69) in midday trading on Tuesday.
Honeywell said after the market closed on Monday that it had signed a strategic agreement to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion and satellite communications technologies.
Honeywell estimated the value of the partnership to the company at $17 billion.
The two companies will also develop Honeywell's avionics as part of the partnership with the aim of improving adaptability to specific mission requirements, enabling situational awareness and enhanced safety, the company said.
Bombardier will also have access to Honeywell's full suite of next generation L-Band satellite communications products, and antennas that will offer safety services capabilities in the future.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 03, 2024 12:29 ET (17:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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