The Bombardier family is one of the most financially successful families in Canada. It is currently ranked as one of the top 20 richest family in the country with an estimated net worth of $2.8 billion. This family derives most of its fortune from its privately-held company, Bombardier Inc, which is a multinational aerospace and transportation company. The company was established on 19th January, 1942 by Joseph Armand Bombardier. He died of cancer on 18th February, 1964, leaving behind a thriving business that has become the major source of the family’s massive wealth.
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When Bombardier Inc was founded, it focused on the manufacturer of snowmobiles, but it later grew to become a large manufacturer of regional recreational equipment, business jets, regional aircrafts and mass transportation equipment. After the death of J Armand Bombardier, his sons and sons-in-law took over the business, whereby they reorganized and decentralized the business, implementing modern business tactics. The company also became a provider of financial services.
The Bombardier family has a 62 per cent voting right in the company. Andre Bombardier, who is the Vice Chairman of the company, is the only family member with executive positions in the company. His two sons-in-law, Laurent Beaudoin and Jean-Louis Fontaine are the Chairman and Vice Chairman of the board, while his grandson, Pierre Beaudoin, serves as the President and Chief Operating Officer of the Bombardier recreational products. Bombardier Inc is headquartered in Montreal, Quebec, Canada.