Money: UK jobs to go in Bombardier restructuring - PressFrom - United Kingdom

MoneyUK jobs to go in Bombardier restructuring

18:55  08 november  2018
18:55  08 november  2018 Source:

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UK jobs to go in Bombardier restructuring © Reuters A man works on C Series aeroplane wing in the Bombardier factory in Belfast, Northern Ireland September 26, 2017

Canada's Bombardier plans to cut 5,000 jobs, including an unknown number in the UK, as it grapples with a multi-billion pound debt incurred during the development of aircraft.

Job losses in the UK will be inevitable but the bulk of the job losses, as many as 3000, will fall in Canada and mainly affect its aerospace business.

It also signaled an announcement on the job losses in Northen Ireland and its rail operations in Derby will come in the coming weeks, a spokesperson for Bombardier told Sky News.

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Photo: uk . Bombardier has announced a further round of job cuts with 7,500 positions to go , about two-thirds from the German train division, the rest from aerospace. Bombardier will take USD5 million to USD5 million in charges for the restructuring from the fourth quarter of 2016.

Last October, 280 jobs were cut from its Northen Ireland business, mainly non-manufacturing roles. The company has 4,000 workers in Belfast making wings and parts for the C Series passenger jet.

It has sold a majority stake in the C Series jet to Airbus last year as it focuses on business jets and transportation.

This is the third round of job cuts at the debt-laden Canadian company since Chief executive Alan Bellemare took the post in 2015.

The latest jobs cuts will take place over the next 12 to 18 months, leading to annual savings of $250m (£190m) by 2021.

UK jobs to go in Bombardier restructuring © Reuters

Bombardier has debts of $9.5bn (£7.2bn) and hopes to raise $900m from the sale of its turboprop and flight training business to pay that down.

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

"We will continue to be proactive in focusing and streamlining the organisation."

It made the announcements as it delivered its latest earnings report. Bombardier reported $267m in earnings before interest and taxation, compared to $133m in the same period a year earlier.

The company has 65,000 employees worldwide.

Bombardier to cut 490 jobs in Northern Ireland.
The Canadian aircraft manufacturer employs about 4,000 people across four locations in Northern Ireland . In a statement the company said: "Following the global workforce adjustments announced by Bombardier Inc. on November 8, 2018, we have reviewed our manpower requirements in Belfast and regret to confirm that we must reduce our workforce across the company by 490 employees.

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