Bombardier cutting about 5,000 jobs as part of restructuring plan
Expected to lead to US$250 million in annualized savings by 2021
11/08/2018|hrreporter.com|Last Updated: 11/08/2018
The Bombardier plant is seen in Belfast, Northern Ireland January 26, 2018. REUTERS/Clodagh Kilcoyne
MONTREAL (CP) — Bombardier 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 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.