Bombardier Is Cutting Thousands Of Jobs

The logo of Bombardier is seen during the Latin American Business Aviation Conference & Exhibition fair at Congonhas Airport in Sao Paulo Brazil Aug. 14 2018

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

Bombardier shares tumbled by more than 24 per cent to US$2.41 in trading on the Toronto Stock Exchange due to concerns over cash flow.

Bombardier forecast 2019 revenue to increase by 10 per cent to at least $18 billion, powered by more deliveries of its Global 7500s. The layoffs are expected to take place over the next 12 to 18 months and are expected to save Bombardier $250 million by 2021.

Bombardier said the job cuts are part of "a new enterprise-wide productivity program to further streamline, lean out and simplify the Company".

He offered similar sentiments Thursday. "We are losing money on the CRJ".

He said Bombardier has 1,500 CRJs in operation around the world.

It looks like Bombardier's rail transport division will remain, but the company is pulling back from other lines of business, with its reorganisation including moving engineering talent to its business jet division.

Quebec Premier Francois Legault weighed in after speaking with company and union leaders.


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.

Despite the layoffs and sale of assets, Bombardier saw earnings jump 48% over the same period past year with a profit of $271 million on $3.6 billion in revenues during the third quarter of 2018.

The strong profit came despite a five percent drop in quarterly sales from the same period a year ago to $3.6 billion.

Excluding one-off and one-time items, Bombardier posted quarterly adjusted earnings of 4 cents a share, above the consensus of analysts who expected a gain of 2 cents.

Longview Aviation, the parent company to Viking Air Ltd., said once it completes its deal with Bombardier it will become North America's largest commercial turbo-prop aircraft manufacturer.

CAE is picking up the training business for $645 million, along with spending an additional $155 million for the monetization of royalties from the business.

The agreement encompasses the entire Dash 8 program, including the 100, 200 and 300 series and the in-production Q400 program.

Related News:



Most liked

U-23 bowler Shiva Singh's 360-degree turn hogs limelight
The match was halted briefly as the umpire explained to Shiva why the delivery, as per the MCC's Laws, is illegal. While the batsman seems perplexed, umpire Vinod Seshan declared it as a dead ball.

Backstreet Boys performing at Xcel Energy Center on July 20
Tickets for the show go on sale November 14, and each ticket purchase will also include a copy of the new album. Tickets for the " DNA World Tour" go on sale Wednesday, Nov. 14, at LiveNation.com and ticketmaster.com.

Mushroom hosts cyanobacteria to generate electricity
But among bioengineers, cyanobacteria have a much better reputation, as they're known for its ability to generate electricity . A robotic arm-based 3D printer was used to first print an "electronic ink", which contained graphene nanoribbons.

'Would Never Forgive Trump,' Says Michelle Obama
But she was more than impressed after meeting him, by his "rich, even sexy baritone" and by his "strange, stirring combination" of serenity and power.

Bryce Harper Turned Down $300 Million Contract From Nationals
Importantly for any future negotiations, Harper's deal would not be the largest in baseball history by average annual value. While Harper could be exploring other options, it's still possible he might return to the Nationals.

McConnell talks bi-partisanship, women candidates after Senate wins
It's the most critical swing state in the country. "It's not like we're going to go drunk-crazy with subpoenas". Kim Reynolds was elected to a full term, while the Wisconsin GOP held onto the state legislature even as Gov.

Bound flight crash lands at airport in Guyana
Fly Jamaica made a crash landing at the Cheddi Jagan International Airport in Guyana this morning. That included 82 Canadians, one American, 35 Guyanese, one Pakistani and one Trinidadian.

One killed in Melbourne knife rampage terror attack
Police had been called to the auto at 4.20pm Friday, local time, by which time the man had already started attacking bystanders. The Islamic State claimed responsibility for the attack and authorities say they are investigating it as an act of terrorism.

Wildfire devastates California town
The Chico Fire Department said: "Firefighters continue to actively engage the fire in order to protect life and property". Officials issued a "red flag" warning for the area because winds had reached between 20 and 40 miles-per-hour.

Woman dubbed 'South Park Susan' in racist viral video faces additional charges
Louis was sacked from her job after a video went viral in which she blocked a black man from entering his own apartment building. One of the women is a tenant at the apartment building, which Westwood apparently doubted that a Black person could afford.

CVS Health: 3Q Earnings Snapshot
YTD calculations are commonly used by investors and analysts in the assessment of portfolio performance due to their simplicity. What technical say? How much stock is volatile? Mostly all the indicators used in technical analysis are based on pricing data.

Pakistani delegation in China to finalise modalities for economic cooperation
Discussions will also be held pertaining to Pakistan-made products' access to the Chinese markets, the sources said. He had also said that no other country had tackled poverty and corruption the way China did.

Decent chance Tim Tebow plays in bigs next year
The Mets chose to go with an outside the box hire at General Manager. "You've got to identify who complements yourself". He knows what he's doing up in that front office.

At least 13 dead in California bar shooting
Ron Helus , who was killed in a shooting at Borderline Bar. "It sounded like fireworks or something", he said. Long was found dead in the Borderline Bar and Grill after 12 people were shot to death late on Wednesday.

Noway frigate sinking: 'No control' over leak of KNM Helge Instad
The KNM Helge Ingstad had recently taken part in NATO's Trident Juncture military exercise, which centred on defense of Norway . Crude oil tanker SOLA TS , IMO 9724350, dwt 112939, built 2017, flag Malta, manager Tsakos Columbia Shipmanagement (TCM) SA.