MONTREAL — Shares of flight simulator maker CAE Inc. reached record highs Friday after Boeing Co. recommended earlier this week that pilots train in simulators before flying its grounded 737 Max.

Boeing's announcement Tuesday marked a reversal from the company's long-held position that only computer-based training — not simulators — was required for pilots to climb back into the cockpit.

CAE chief executive Marc Parent was already betting on pent-up demand for the training platforms, announcing in November the company was building simulators with no confirmed buyer.

Spokeswoman Helene Gagnon says CAE is ready to further ramp up production in response to any regulatory changes or training requirements ahead of the 737 Max's eventual return to service.

CAE shares hit an all-time high of $38.66 in mid-afternoon trading on the Toronto Stock Exchange, up 85 cents or 2.25 per cent.

Authorities around the world banned Boeing's marquee jet from the skies last March after two crashes in five months, which killed all 346 aboard, including 18 Canadians.

This report by The Canadian Press was first published Jan. 10, 2020.

Companies in this story: (TSX:CAE)

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