Bombardier to cut 1,600 jobs in move to reduce costs
Posted Feb 11, 2021 5:11 am.
Last Updated Feb 11, 2021 9:13 am.
MONTREAL – Bombardier Inc. says it will reduce its overall workforce by about 1,600 jobs as it moves to cut costs.
The company said 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 said it will end production of Learjet aircraft later this year, allowing it to focus on its more profitable Challenger and Global aircraft families.
#Breaking The end of the line for the Learjet. Bombardier to cut 1,600 jobs as it stops production of the iconic planes in the 4th qtr. Bombardier bought Wichita, Kansas based Learjet in 1990. pic.twitter.com/TRBUXmNve4
— Mike Eppel (@eppman) February 11, 2021
The company said 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.
