Canada’s Bombardier says it will cut 5,000 jobs

Bombardier

The cuts will come mostly from its aerospace division with some from the firm's rail division.

The cuts will be concentrated in the aerospace business and will affect 3,000 workers in Canada, company spokesman Simon Letendre told AFP.

Bombardier's widely traded Class B shares plunged 13 per cent to $2.76 at 11:12 a.m. after sinking as much as 27 per cent for the biggest intraday decline since January 2015.

The Montreal-based group also announced the sale of "non-core assets" totalling around US$900 million, including the Q Series medium range turboprop aircraft programme and the de Havilland trademark, which was sold for some US$300 million to a Canadian investment fund.

"We have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio".

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

The company on Thursday forecast 2019 revenue would grow by 10 percent to $18 billion or more, driven by a pickup in deliveries of its Global 7500 business jets.

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"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.

On a conference call Thursday with analysts, Bombardier CEO Alain Bellemare also acknowledged the company is "exploring strategic options" for its Canadair regional jet program, where he said the company is losing money.

Karl Moore, an aviation expert at McGill University's Desautels Faculty of Management, said the layoffs and selloffs will allow Bombardier to shift away from regional jets and shrink its debt.

"My government will make every effort to minimize the number of job losses and to help affected employees find a new job", he said on Twitter in French.

The announcement came as Bombardier unveiled its third-quarter results, in which pre-tax profits doubled to $267m for the three months to September compared with the same period previous year.

Excluding one-off and one-time items, Bombardier posted a quarterly earnings of four cents a share, above the consensus of analysts who expected a gain of two cents. The overall restructuring is expected to take place over the next year and a half and will save the company US$250 million per year.

"The Dash 8 turbo-prop is the ideal complement to our existing portfolio of specialized aircraft including the Twin Otter and the Canadair CL 215 and 415 series of water bombers", Longview Aviation chief executive David Curtis said in a statement. The announcement came as part of a larger statement regarding Bombardier's third quarter results.

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