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Bombardier to cut 1,600 jobs in move to reduce costs and consolidate work

THE CANADIAN PRESS | posted Thursday, Feb 11th, 2021

Bombardier Inc. says it will reduce its overall workforce by about 1,600 jobs as it moves to cut costs.

The company says the cuts come as it consolidates its Global aircraft completion work in Montreal and reviews options for underutilized hangar and industrial space at its Quebec facilities.

Bombardier also says it will end production of Learjet aircraft later this year, allowing it to focus on its more profitable Challenger and Global aircraft families.

The company says the cuts will bring its global workforce to 13,000 by the end of the year.

The moves come as Bombardier, which keeps its books in U.S. dollars, reported a net loss of US$337 million or 18 cents per diluted share for the quarter ended Dec. 31 compared with a net loss of US$1.72 billion or 74 cents per diluted share a year earlier. Revenue for the quarter totalled US$2.34 billion, down from US$2.41 billion.

On an adjusted basis, Bombardier says it lost 20 cents per share in its most recent quarter compared with a break even result on an adjusted basis in the fourth quarter of 2019.

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