Canada's Bombardier says it will cut 5000 jobs | AP business

Bombardier Inc is selling off its turboprop program and another non-core division to focus on its transportation and business jet

Bombardier Inc is selling off its turboprop program and another non-core division to focus on its transportation and business jet

The staff reductions will take place over the next 12 to 18 months and Bombardier says it expects the move will save the company around $250 million annually by 2021.

The company also reported third-quarter results on Thursday morning, with quarterly revenue falling 5% year-over-year to $3.64 billion USA and an adjusted profit of US$0.04 per share. However, the company did eke out a profit of $149 million United States an improvement on a 100 million loss in the same quarter a year ago.

This is a developing story and will be updated.

The decision to sell the Q Series line, Bellemare said, was made 'because we believe there is a better owner than us to keep this program going'.

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The news came as it emerged that Bombardier plans to sell off its Q400 airliner programme to Canadian firm Viking Air Ltd along with the respective trademarks.

De Havilland is one of the oldest brands in commercial aviation. In a conference call with investors this morning, John Di Bert, the chief financial officer of Bombardier said that the announced actions were created to show that the company's focus was on efforts to grow earning and cashflows saying: "We continue taking concrete actions to reshape Bombardier's portfolio". "What's the future? This aircraft isn't selling".

Mary Ellen McIlmoyle, president of a Unifor local that represents some of the 2,100 workers at Bombardier's aerospace wing at Downsview, said her members feel "betrayed".

Quebec Premier Francois Legault weighed in after speaking with company and union leaders, saying his economy minister has started calling Quebec aerospace companies that are on the hunt for skilled workers.

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Revenue in what was the company's third quarter totalled US$3.64 billion, down from US$3.84 billion a year ago.

Excluding one-off and one-time items, Bombardier posted a quarterly earnings of four cents a share, above the consensus of analysts who expected a gain of two cents.

Net proceeds from the transactions are expected to be approximately 900 million Canadian dollars after the assumption of certain liabilities, fees, and closing adjustments.

The agreement encompasses the entire Dash 8 program, including the 100, 200 and 300 series and the in-production Q400 program.

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Bombardier also reported it would sell some of its non-core assets, which it hopes will generate about $900 million.

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