Newspaper article The Canadian Press

Bombardier-Update

Newspaper article The Canadian Press

Bombardier-Update

Article excerpt

Bombardier cutting about 5,000 jobs

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MONTREAL - ---

Bombardier announced today it will shed five-thousand jobs company-wide and sell off two units.

It's part of chief executive Alain Bellemare's five-year plan to rein in costs, focus on rail and business jets and reduce the net long-term debt of nine-billion dollars.

A company spokesman says about 25-hundred Bombardier workers will be laid off in Quebec and 600 in Ontario, with the two-thousand cuts occurring overseas.

The company will sell its Q400 turboprop aircraft program to a subsidiary of Longview Aviation Capital Corp. for about 300-million U-S.

The Montreal-based company also announced the sale of its flight training business to CAE Inc. for about 645-million U-S.

The restructuring was announced alongside Bombardier's third-quarter earnings and is slated for completion within 18 months/

Bombardier says the savings should add up to 250-million annually. …

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