Bombardier tipped to overcome challenges
The head of Manufacturing NI has said he hopes aerospace giant Bombardier can recover from troubles which have seen its shares drop to a five-month low.
Confidence in the firm, which employs nearly 5,000 people in Belfast, has been affected by prospects of cutbacks in its business jet unit.
Analyst Konark Gupta said investors were concerned about a potential production cut in 2017 for its Global 5000/6000 business jet.
The company yesterday said it would not be commenting on any trends in its share price. Yesterday its Class B stock was at $1.655 - and earlier this week was at $1.61, the lowest since April 19.
And news that engine maker Pratt & Whitney was experiencing problems with production of the engine for the C Series - the wings of which are made in Belfast - has also hit investor confidence.
But Stephen Kelly, the chief executive of Manufacturing Northern Ireland, said he believed Bombardier would be able to overcome the challenges.
"Bombardier remains one of our most important manufacturers and accounts for about 10% of our exports - and it has a supply chain spread right across Northern Ireland.
"Its success has an impact on the success of the many other parts of the manufacturing sector. We should hope that these couple of issues are quickly overcome," he said.