Bombardier Inc is selling off its turboprop program and another non-core division to focus on its transportation and business jet
11 November, 2018, 03:30
Canadian plane and train maker Bombardier Inc. will shed 5,000 jobs and sell off two units as part of a five-year plan to rein in costs, focus on rail and business jets, and reduce debt.
The job cuts will take place across Canada over the next 12 to 18 months.
The company also announced plans to sell several "non-core" assets, including its Q series aircraft program and its Business Aircraft's flight and technical training activities unit.
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. EBIT before special items grew 48% year over year to $271 million, and the Company remains on track to reach the top end of its guidance for the full year of approximately $1.0 billion.
This is a developing story and will be updated. President and CEO Alain Bellemare said in a statement.
The GMB union, which represents Bombardier workers, said it was demanding answers from the company on behalf of its members.
"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.
It comes months after Bombardier completed the disposal of its loss-making CSeries jet program to Europe's Airbus, which renamed the aircraft A220. "What's the future? This aircraft isn't selling".
He said Bombardier has 1,500 CRJs in operation around the world. Company workers were frustrated by the lack of information, it added.
Adjusted earnings per share of 4 cents beat estimates of 2 cents a share according to IBES data from Refinitiv. "Net proceeds from the transactions are expected to be approximately $900 million after the assumption of certain liabilities, fees, and closing adjustments". He says Longview intends to maintain existing supply chains for the Q400 and Dash 8 series that stretch from China to Ireland. Viking builds new generation de Havilland Twin Otters and is planning to resume production of an updated version of the CL-415 water bomber.
Results in Bombardier's regional aircraft business, which includes the Q400 turboprops and the CRJs, have traditionally lagged those of trains and business jets.
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