Wednesday, 14 November, 2018

Bombardier plans to sell non-core assets, cut 5000 jobs

Bombardier cutting about 5,000 jobs as part of restructuring plan Bombardier cutting 5,000 job, including Wichita
Orlando Vargas | 11 November, 2018, 03:28

Canadian industrial giant Bombardier announced a major overhaul of its business on Thursday that includes the sale of $900 million (R13 billion) in assets and the loss of 5,000 jobs as part of its third-quarter earnings report.

In a news release reporting its third quarter financial results, the company said the reduction in staff will take place across the organization over the next 12 to 18 months, "leading to annualized savings of approximately $250 million at full run rate, which we expect by 2021".

Bombardier workers in Northern Ireland and the Midlands face uncertainty after the Canadian company announced 5,000 job cuts globally on Thursday.

Bombardier Chief Executive Officer (CEO) says the company is on track to meet turnaround goals Bombardier's revenue for the third quarter was $3.6 billion United States a drop of about five percent from the same period in 2017. The company said in a guidance that it is targeting a growth of at least 10 percent in its revenues to raise the tune of 18 billion Canadian dollars in the fiscal year 2019.

This is a developing story and will be updated.

With the conclusion of those aircraft development programs, "we have to adjust and redeploy our engineering workforce, and this will have an impact on Wichita, of course", Letendre said.

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

"The new facility at Pearson (airport) will probably be producing only the Global business jet, and having a dedicated facility for one line gives them a chance to optimize the performance", said Ernie Arvai, a partner at commercial aviation consultancy AirInsight.

Bombardier said it would try to turn its money-losing regional jet program around by slashing costs, and boosting volumes, but would also explore strategic options for the program.

Quebec Premier Francois Legault weighed in after speaking with company and union leaders, saying his economy minister has started calling Quebec aerospace companies that are on the hunt for skilled workers. "What's the future? This aircraft isn't selling". "We understand that", he added, pledging continued support for the aerospace sector.

Adjusted earnings per share of 4 cents beat estimates of 2 cents a share according to IBES data from Refinitiv. The deals with Longview and CAE should net $900 million in income.

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