Tuesday, 20 November, 2018

Bombardier to Cut 5000 Jobs

Bombardier cutting about 5,000 jobs as part of restructuring plan Bombardier cutting 5,000 job, including Wichita
Russell Knight | 11 November, 2018, 00:53

Bombardier union calls the moves unfortunate and distressing Simon Letendre a spokesperson for Bombardier, confirmed 500 jobs will be cut in Ontario.

Bombardier workers face uncertainty after the Canadian aerospace giant announced 5,000 job cuts around the world.

Bombardier also said it was selling for $300 million its Q-400 program and de Haviland trademark to the parent of Viking Air, which bought Bombardier's aerial firefighting aircraft program a few years ago. The Montreal-based company also announced the sale of its flight training business to CAE Inc. for about US$645 million. Analyst judged that Bombardier's Q series would provide little or no profit Before, Bombardier announced the sale of the turboprop division analyst George Ferguson of Bloomberg Intelligence said that he thought that the Q Series would generate little or no profit for the company this year.

Bombardier's widely traded Class B shares plunged 13 per cent to $2.76 at 11:12 a.m. after sinking as much as 27 per cent for the biggest intraday decline since January 2015. EBIT before special items grew 48% year over year to $271 million, and the Company remains on track to reach the top end of its guidance for the full year of approximately $1.0 billion. "The ATO will focus on systems design and engineering, including applying experience from Bombardier's aerospace programs to its rail transportation business", it said.

Bellemare said at the time the company was committed to the Q400 and CRJ.

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The two transactions are expected to close by the second half of 2019, following the usual regulatory approvals, Bombardier said.

Karl Moore, an aviation expert at McGill University's Desautels Faculty of Management, said the layoffs and selloffs will allow Bombardier to shift away from regional jets and shrink its debt.

In a statement, Longview said it would continue operating the Q400's Toronto assembly site until at least 2021, but could not give further details on the program's future. "We can not accept any further losses of functions from Northern Ireland, they are undermining the long-term sustainability of the company's presence here", she said.

The cuts were disclosed along with its third-quarter earnings.

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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