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.”