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Bombardier cutting 7,500 jobs as turnaround continues

Friday, October 21, 2016 8:23
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(Before It's News)

Plane and train manufacturer Bombardier Inc (TSE:BBD.B) will cut a further 7,500 jobs over the next two years as it continues to execute its five-year turnaround plan.

The plan has been somewhat accelerated after the firm took on billions of dollars debt last year to fund the development of its marquee C Series aircraft.

The staff cull – which will affect around 10% of the company’s workforce – is the second major cut this year.

It comes as the firm tries to overcome cost overruns and delays of more than two years on its US$6bn C Series.

Alain Bellemare, Bombardier’s chief executive, was bought in last year to try and restore the group’s profitability.

Bellemare said: “The actions announced today will ensure we have the right cost structure, workforce and organization to compete and win in the future.

“We are confident in our strategy, our leadership team and our ability to achieve both our 2016 goals and our 2020 turn-around plan objectives.”

Shares were unchanged at C$1.76.

Story by ProactiveInvestors

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