Money: Bombardier cutting about 5,000 jobs - PressFrom - Canada
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MoneyBombardier cutting about 5,000 jobs

16:28  08 november  2018
16:28  08 november  2018 Source:   msn.com

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Bombardier employs 70, 000 people worldwide. The Montreal-based company has production and engineering sites in 28 countries. The company estimates the job cuts - about 7% of the global workforce - will save 0m (£190m). The cuts will come mostly from its aerospace division with

Bombardier is cutting 5 , 000 jobs over the next 12 to 18 months and selling its Q Series turboprop aircraft program. The company says the measures will

Bombardier cutting about 5,000 jobs© Provided by thecanadianpress.com Flags fly outside a Bombardier plant in Montreal, Thursday, May 14, 2015. MONTREAL - Bombardier Inc. announced Thursday it will cut about 5,000 jobs across the organization over the next 12 to 18 months as part of a new restructuring plan.

The cuts are expected to lead to about US$250 million in annualized savings by 2021.

The company also announced the sale of what it called a number of non-core assets.

Bombardier has struck a deal to sell its Q Series aircraft program and de Havilland trademark to a subsidiary of Longview Aviation Capital Corp. for about US$300 million.

It also announced the sale of its aircraft's flight and technical training business to CAE, and the monetization of royalties for about US$800 million.

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Bombardier workers in Northern Ireland and the Midlands face uncertainty after the Canadian company announced 5 , 000 job cuts globally on Thursday. A spokesman said there were no details yet on where the remaining jobs would be lost over the next 12 to 18 months. Bombardier employs 70, 000

Bombardier employs 70, 000 people, including 4, 000 at four locations in Northern Ireland, mainly in Belfast. It also makes trains in Derby in the East Midlands, employing 1,600 there. Bombardier in Derby said there were no indications yet that the job cuts would have a significant impact in the city.

"With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan," Bombardier chief executive Alain Bellemare said in a statement.

"With today's announcements we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio."

The changes came as Bombardier reported a profit of US$149 million or four cents per share in its latest quarter, compared with a loss of US$100 million or four cents per share in the same quarter last year.

Revenue in what was the company's third quarter totalled $3.64 billion, down from $3.84 billion a year ago.

On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017.

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Canadian aircraft maker Bombardier announced plans to cut 5 , 000 jobs as part of an effort to streamline operations and reduce costs.

Bombardier has announced measures that will result in 5 , 000 job losses over the next year and a half. The Montreal-based company announced it will sell its

Longview Aviation, the parent company to Viking Air Ltd., said once it completes its deal with Bombardier it will become North America's largest commercial turbo-prop aircraft manufacturer.

The agreement includes the entire Dash 8 program, including the 100, 200 and 300 series and the in-production Q400 program.

"The Dash 8 turbo-prop is the perfect complement to our existing portfolio of specialized aircraft including the Twin Otter and the Canadair CL 215 and 415 series of water bombers," Longview Aviation chief executive David Curtis said in a statement.

Companies in this story: (TSX:BBD.B)

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