Saturday, 15 December, 2018

Bombardier cuts 5,000 jobs globally

Bombardier Is Cutting Thousands Of Jobs Bombardier cutting about 5,000 jobs as part of restructuring plan
Ginger Lawrence | 09 November, 2018, 22:00

Bombardier now employs some 5,500 people in Northern Ireland, including around 4,000 in its Belfast factory.

Bombardier has announced measures that will result in 5,000 job losses, half of which will be in Quebec, over the next 12 to 18 months.

About 2,500 Bombardier workers will be laid off in Quebec and 500 in Ontario while about 2,000 cuts will be overseas.

The firm will also sell its Q Series aircraft for $900m (£687m) and the de Havilland trademark for $300m.

The company also sold its business aircraft flight and technical training business to another Canadian firm, CAE, for $645 million.

The company said the latest round of layoffs, which accounted for over 7 percent of its global workforce, will save Bombardier about $250 million by 2021.

The announcement comes after mass layoffs over the past three years, with about 14,500 positions cut around the world in the aerospace and railway divisions.

The company has 69,500 employees worldwide.

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The job cuts will affect Wichita, though Bombardier Inc. spokesman Simon Letendre said Thursday he doesn't know how many local workers will be cut.

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

It posted net profit of $149 million compared with a net loss of $100 million a year earlier when the company made heavy investments in various segments, including planes.

The company "has launched a company-wide restructuring initiative focused on optimizing production and management processes, flattening management structures and further reducing indirect costs", it said in a media release.

"We're continuing to improve our processes", he said.

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 past year.

Sales were down 5% to $3.6bn, but revenue is expected to jump 10% to at least $18bn next year. The deal gives CAE full flight simulators and training devices for all of Bombardier's business jet product lines, Learjet, Challenger and Global, including its newest Global 5500, 6500 and 7500 large-cabin jets.