From the Back Cover
In the early 1970s, the Ski-Doo snowmobile accounted for over 90 percent of Bombardier's revenue (one model was so popular that Canada Post even produced a commemorative stamp). But the rest of the 1970s were stormy times for Bombardier as rising energy prices, a maturing snowmobile market, and major economic forces sent the entire industry into a downward spiral. The Bombardier Story describes how close to ruin the company came, and how it survived.
This near-collapse ensured that the company would never again depend so heavily on one sector. Diversification became a key strategy and led to a move into the manufacture of rail equipment, even as most other North American firms in the industry were withering away in what was deemed to be a declining industry. The Bombardier Story recounts the decisive turning point--the $1 billion "deal of the century" in 1982 to provide over 800 subway cars to the city of New York. It was the breakthrough that launched Bombardier into the big leagues, but it was hard won, arousing the first of many controversies over government assistance.
Next came the diversification into aircraft manufacturing. A key ingredient in the upward climb was the "bet-the-company" decision to develop the Canadair regional jet, a pioneering aircraft that many industry analysts at the time thought was a foolhardy initiative. Bombardier not only proved them wrong, but revolutionized the air travel industry with this new jet.
The Bombardier Story is one of inspiring entrepreneurship, as well as outstanding leadership and management. The company has enjoyed phenomenal growth in its chosen markets through product innovation, strategic diversification, exemplary succession planning, and an amazing knack for acquiring ailing companies and making turnaround successes of them.
A fascinating cast of dedicated leaders has guided the company over the years. First, of course, was Joseph-Armand Bombardier, the passionate inventor-industrialist who turned a humble garage into a major manufacturing company, and his invention, the Ski-Doo snowmobile, into a household name. Then came the son-in-law, Laurent Beaudoin, whose career plan never included joining the family business, and who led the company for forty-five years, putting it on a fast-growth trajectory.
Beaudoin steered the company through the golden age of snowmobiles, the 1973 oil crisis, challenges from aggressive competitors, and moments of uncertainty. And, most notably, he led the company to achieve an extraordinarily ambitious plan for diversification. Along the way he was assisted by able lieutenants, including Raymond Royer and Robert Brown. Laurent Beaudoin and his team were able to show the world that a Quebec company can become a globally respected multinational, can be successfully passed down from generation to generation, and can achieve true sustainability.
Today, in the CSeries era, there is a new generation of leadership under CEO Pierre Beaudoin, Laurent's son, who oversees a multinational corporation of two major groups, with $17.7 billion in annual revenues in 2011, over 65,400 employees, and where the entrepreneurial spirit on which the company was founded still thrives.
