New York (CNN Business)Canadian aircraft maker Bombardier announced plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.
The Montreal-based company said it will sell its Q400 turboprop aircraft program to a subsidiary of Longview Aviation Capital for about US$300 million.
Bombardier cutting 5,000 job, including Wichita
MONTREAL — Canadian plane and train maker Bombardier said Thursday it 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.
About 2,500 Bombardier workers will be laid off in Quebec and 500 in Ontario while about 2,000 cuts will be overseas.
The Montreal-based company said it will sell its Q400 turboprop aircraft program to a subsidiary of Longview Aviation Capital for about US$300 million. The Montreal-based company also announced the sale of its flight training business to CAE for about US$645 million.
The announcement comes after mass layoffs over the past three years, with about 14,500 positions cut around the world in the aerospace and railway divisions.
Bombardier are a vital part of our local economy and obviously any announcement relating to job cuts will cause concerns. I continually engage with the company and have been encouraged by a renewed sense of dynamism within the Belfast operation,” the DUP MP said.