Canada’s Bom­bardier to Cut 5,000 Jobs in Re­struc­tur­ing


OT­TAWA (Dis­patches) - Cana­dian aero­space and trans­porta­tion man­u­fac­turer Bom­bardier on Thurs­day an­nounced 5,000 global job cuts over the next year to 18 months in a bid to “stream­line” the strug­gling firm.

The Mon­treal-based group also an­nounced the sale of “non-core as­sets” to­tal­ing around $900 mil­lion, in­clud­ing the Q Se­ries air­craft pro­gram and the de Hav­il­land trade­mark, which was sold for some $300 mil­lion to a Cana­dian in­vest­ment fund.

The re­struc­tur­ing an­nounce­ment came as the com­pany re­ported net in­come of $167 mil­lion in the third quar­ter, com­pared with a loss of $11 mil­lion a year ear­lier. Bom­bardier Alain Belle­mare Pres­i­dent and CEO said of the re­struc­tur­ing, “we con­tinue to make solid progress ex­e­cut­ing our turn­around plan.” “With to­day’s an­nounce­ments we have set in mo­tion the next round of ac­tions nec­es­sary to un­leash the full po­ten­tial of the Bom­bardier port­fo­lio,” he said in a state­ment, adding that the firm “will con­tinue to be proac­tive in fo­cus­ing and stream­lin­ing the or­ga­ni­za­tion.”

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