Bombardier Recreational Products is holding off on plans to go public because of the economic downturn.
After being spun off by Bombardier Inc. in 2003, the goal was to take BRP public within five years, but the slowdown has put that on hold, president and CEO José Boisjoli told the Globe and Mail newspaper.
Instead, the company is developing new products to move more aggressively into the high-end power-sports category, the newspaper reports.
"We're reducing certain [product] programs and tightening our belt," but that won't be at the expense of developing new products, Boisjoli said. "That's at the core of our strategy to stand out from the pack, especially with globalization and the rise of cheap imports."
In other news, BRP recently dedicated its new design and innovation center to company chairman, Laurent Beaudoin.
"For more than 45 years, Laurent Beaudoin has been a firm believer that innovation is the only way to succeed,” said Boisjoli. “We wanted to commemorate a man whose leadership, passion, innovative spirit and dedication have made our company a leader in the power-sports industry.”
The 50,000-square-foot, $15 million building in Valcourt, Quebec, will house BRP's design and advanced concept teams, which include transportation designers, product designers, graphic designers, engineers, human factors experts, mechanics, CAD technicians, modelers, molders, painters, and management personnel.