Unions call for urgent talks as Bombardier sheds 5000 jobs
00:54, Nov 11, 2018
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Bombardier workers in Northern Ireland and the Midlands face uncertainty after the Canadian company announced 5,000 job cuts globally on Thursday.
The Wichita site - which assembles Learjets, performs flight testing of all the company's aircraft and also repairs and maintains Bombardier's full line of business jets - employs about 1,600 people.
Bombardier will sell its Q Series turbo-prop aircraft program and its de Havilland trademark to Longview Aviation Capital Corp. for $300 million.
Montreal-based Bombardier Inc. (TSX:BBD.B) has announced that it is cutting 5,000 jobs and selling $900 million US worth of assets as part of its latest attempt to restructure its operations.
Net proceeds from the transactions are expected to be approximately 900 million Canadian dollars after the assumption of certain liabilities, fees, and closing adjustments.
Bombardier Inc. spokesman Simon Letendre says the jobs will be eliminated over the next 12 to 18 months. His government announced C$372.5 million ($283.08 million) in repayable loans for two Bombardier jet programs past year.
The company looks to be retrenching its resources to its rail transportation and business aviation activities.
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.
'With today's announcements, we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio, ' he said in a statement, adding that the firm 'will continue to be proactive in focusing and streamlining the organisation'.
The Montreal-based manufacturer is counting on a 2019 sales boost after next month's expected debut of the Global 7500, its largest business aircraft.
The fate of the aging CRJ regional jets has been unclear since the company announced in October 2017 that Airbus SE would acquire a majority 50.01 per cent stake in the C Series, effective July 1 of this year.
Bellemare also accelerated his push to streamline Bombardier by announcing 5,000 job cuts and the sale of the company's Q400 turboprop operation and a training business.
The company also reported third-quarter results on Thursday, with quarterly revenue falling five per cent year-over-year to US$3.64 billion and an adjusted profit of US$0.04 per share.
Bombardier in Derby said there were no indications yet that the job cuts would have a significant impact in the city.
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