Newspaper article The Florida Times Union

Bombardier Officials Confident in New Restructuring Plan

Newspaper article The Florida Times Union

Bombardier Officials Confident in New Restructuring Plan

Article excerpt

Byline: Mark Basch, Times-Union business writer

Bombardier Inc.'s faltering stock took another nose dive in the last two weeks after the company reported a first-quarter loss. But officials of the Montreal-based jet and rail car manufacturer, which has a finance subsidiary in Jacksonville, insist that its restructuring plan will turn the company around.

"We are asking our shareholders to continue to be patient," President and CEO Paul Tellier told shareholders at Bombardier's annual meeting, according to a company press release. "There is light at the end of the tunnel."

Bombardier's stock has been edging down since it reported a $174 million loss for the first quarter ended April 30. Its Class B stock reached a 52-week low of 3.96 Canadian dollars last week.

Tellier, who took over as CEO in January 2003, said the company is in the midst of a three-year restructuring plan to improve the business. The restructuring includes the elimination of 6,600 jobs in its rail equipment unit, which had a $285 million loss in the last fiscal year, according to Bloomberg News.

Tellier said at the annual meeting that Bombardier has made significant progress already in its restructuring and "we have every reason to believe that it will get us to where we want to be."

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