Bombardier Cutting About 5,000 Jobs
Bombardier Inc. says it's cutting 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 business aircraft's flight and technical training business to CAE, and the monetization of royalties for about US$800 million.
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.