Bombardier cutting 5,000 job, including Wichita

Bombardier cutting 5,000 job, including Wichita

Most of the cuts are planned for Canada, which will be 3,000 jobs.

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.

Renaud Gagne of Unifor, the union representing Canadian aerospace workers, however, warned that the layoffs "send a worrisome message for the future of the industry".

The move is expected to save the company about $250 million a year by 2021.

Flight simulator and training firm CAE, meanwhile, has agreed to pick up Bombardier's business aircraft flight training segment, which is forecast to generate royalties of US$800 million. The Canadian government provided Bombardier with $372.5 million in reimbursable funding for the CSeries and Global 7500 programs a year ago, stopping short of directly investing in the company.

Bellemare probably isn't done remaking Bombardier.

Free cash flow came in "well below" expectations that Bombardier could break even on cash without falling back on its $635 million in proceeds from the sale of a Toronto plant earlier this year, said analyst Benoit Poirier of Desjardins Capital Markets.

Longview Aviation, the parent company to Viking Air Ltd., said once it completes its deal with Bombardier it will become North America's largest commercial turbo-prop aircraft manufacturer.

Together, those two businesses accounted for about 88 per cent of third-quarter sales.

Bombardier in Derby said there were no indications yet that the job cuts would have a significant impact in the city. The company is assessing buyback options for the stake, Bombardier chief financial officer John Di Bert said on a conference call with analysts.

"The transportation side and business jets are clearly the central focus of Bombardier going forward", Moore said.

Revenue will increase about 10 per cent to US$18 billion in 2018, with earnings before interest, taxes and special items targeted to climb about 20 per cent to as much as US$1.25 billion, the company said.

On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017. Quarterly cash burn decelerated to US$370 million in the period.

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.

Related News:

  • Leave.EU and Arron Banks insurance firm face £135,000 in fines

    Leave.EU and Arron Banks insurance firm face £135,000 in fines

    It was announced last week that the National Crime Agency is probing his alleged use of offshore companies to finance Leave.EU. Banks played down the announcement.
    Government announces five new AI centres of excellence

    Government announces five new AI centres of excellence

    The government says it will prioritise using genomics and image analysis to understand how other complex diseases develop. They will be spearheaded by some of the UK's leading healthcare companies including GE Healthcare, Siemens, and Philips.

    U.S. Attorney General Sessions Resigns, Throwing Doubt On Russia Probe

    Winning confirmation in the Senate may become easier because Republicans gained seats in Tuesday's midterm elections. He also was not confirmed by the Senate, since he does not hold one of the top posts that meet this bar.
  • ARCore APK teardown reveals Google working on two mid-range phones

    A teardown of the latest version by AndroidPolice contains two codenames that can't be linked to any known device. Bonito isn't the only codename found in the APK file, however, as the outlet also found a reference to Sargo.
    Disney plans new Star Wars prequel series

    Disney plans new Star Wars prequel series

    Luna said in a statement that the format would be a chance to "explore this character more deeply". If you sense a disturbance in the Force, you're not alone.
    Steve Hansen believes Eddie Jones unaffected by pressure

    Steve Hansen believes Eddie Jones unaffected by pressure

    You've got to be in the game and, when you get the opportunity to score points, you've got to be good enough to take them. There's lots of other reasons we didn't win the third Lions test.
  • USA UNLEASHED: America Now 'Pumping More Oil' than Saudi Arabia, Russia

    Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3 percent, from their last close. Energy Information Administration said U.S. oil production will be higher this year and in 2019 than previously forecasted.
    Raikkonen warns champion Hamilton that Ferrari want constructors' title

    Raikkonen warns champion Hamilton that Ferrari want constructors' title

    "It's not something I've asked Valtteri, if he'd want that, but I don't think he's going to want that. Then you have to find a way of switching off and recovering at the same time".
    Russia probe 'under threat' after Sessions fired

    Russia probe 'under threat' after Sessions fired

    Winning confirmation in the Senate may become easier because Republicans gained seats in Tuesday's midterm elections . Florida attorney general Pam Bondi , who has appeared with Trump at campaign events, has also been floated .
  • Sheriff Vet Killed Responding to Calif Shooting - Police Depts Pay Tribute

    Numerous patrons were local students from nearby California Lutheran University, ages 19 to 25, attending "College Country Night". Marine Corps issued a statement extending "its deepest condolences to the families of the victims in this senseless tragedy".
    Pacific Rim And Altered Carbon Anime Projects Coming From Netflix

    Pacific Rim And Altered Carbon Anime Projects Coming From Netflix

    Fans of the American tv show Atlanta will recognize the voice of Lakeith Stanfield who will be voicing protagonist Yasuke . It is to be produced by Shanty Harmayn and Tanya Yuson at BASE Entertainment, a studio based in Jakarta and Singapore.
    Sabathia agrees to $8M deal to stay with Yankees | AP sports

    Sabathia agrees to $8M deal to stay with Yankees | AP sports

    I think he's a heck of a pitcher. "He's a very successful major leaguer, and it's just going to happen somewhere else". CC Sabathia didn't want to leave The Bronx without a second World Series title added to the one he helped win in 2009.


Most liked

PNP to ‘gladly abide’ by court’s order to arrest Imelda Marcos
The former First Lady of the Philippines Imelda Marcos has been found guilty of corruption and is facing up to a decade in jail. Marcos, who is now a member of the House of Representatives, is running for a governor post in next year's general election.

Netflix Announces Six New Animated Projects
We embrace all kinds of creators so we can tell unique and diverse stories that resonate with each and every Netflix family. The lineup includes both feature films and original series suited for kids and families.

Kelsey Merritt poses with Adriana Lima at 2018 Victoria’s Secret Fashion Show
Last month, Lawwley started an online petition calling on people to boycott the show. And it wasn't because I was nervous, I was just excited.

Conjoined twins flown to Melbourne for surgery successfully separated
Life-changing surgery to separate conjoined Bhutanese twins Nima and Dawa in Melbourne has been successful. They headed into the theatre at 8am on Friday, with doctors administering the anaesthestic about 8.45am.

China dismisses criticism about mass detentions
In July 2017, dissident activist and Nobel Peace Prize victor Liu Xiaobo died of liver cancer while under police custody. "If the U.N.

Arkansas Voters Approve Minimum Wage Hike
Voters went around the Legislature on Tuesday to pass policies on wages, clean elections and medical marijuana. Currently , 29 states and Washington, D.C., have higher minimum wages than the federal rate, according to EPI.

U.S. to deny asylum to illegal border crossers
Trump claims he can accomplish this through an executive order, rather than with a constitutional amendment through Congress. Trump had telegraphed the move last week, saying he was fed up with migrants exploiting US laws by making bogus claims.

Russian Federation probe 'under threat' after Sessions fired
Democrats voiced fears the removal of the top USA law enforcement officer may be an attempt to undermine or end the investigation. He looked close to tears as he was applauded by the staff on his way out of the justice department building on Wednesday night.

After Election Loss Texas Judge Randomly Releases Juvenile Defendants
After setting the juveniles free, Devlin rescheduled all of the cases for January, when his replacement will have taken the bench. The stories differ on the number of juveniles released. "But nobody has seen this before", Halpert said.

Soccer Advances To NCAA Tournament
Last season the team made it to the third round, which is the furthest WSU has ever made it in the tournament. The Bulldogs earned an at-large bid in this year's tournament field, announced on Monday.

Who Will Change the Future with the New Fantastic Beasts 2 Poster
Lines are drawn as love and loyalty are tested, even among the truest friends and family, in an increasingly divided wizarding world.

Sony Quietly Revs the PlayStation 4 Pro
A new version of Sony's Playstation 4 Pro has been rolled out and it includes one very important improvement: it's a lot quieter. As far as other changes go, that's about it, which would explain why Sony didn't make a big "to-do" about the most recent change.

Dwyane Wade and Gabrielle Union Welcome Baby Girl After Secret Surrogacy
The Miami Heat player is already a father to sons Zaire, 16, Zion, 11, and Xavier, four, from previous relationships. The couple both shared sweet photos of them cuddling up to the newborn, whose name is yet to be revealed.

Smoking, diabetes raise heart attack risk more in women, study finds
The study , led by Oxford University researchers, tracked almost 500,000 people aged 40-69 enrolled in the UK Biobank database. She said, in the future, with an ageing population, women could start to have a similar overall rate of heart attacks to men.

Wildfire Near Chico Grows To 5,000 Acres; Evacuations Ordered
She and her husband grabbed their dog, jumped in their pickup truck and drove through flames before getting to safety, she said. Her 25-year-old son has cerebral palsy, needs a wheelchair to get around and is fed through a tube.