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11 November 2018, 03:27 | Joann Bryant
Bombardier Inc is selling off its turboprop program and another non-core division to focus on its transportation and business jet
Canadian plane and train maker Bombardier is to 5000 jobs across its global business over the next year and a half.
The cuts will come mostly from its aerospace division with some from the firm's rail division.
"With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan".
The company will reap about US$900 million from the asset sales and save about US$250 million a year by 2021 from the employment reduction, which is the CEO's third since taking the reins in 2015.
"When we have more information, we can assess how to minimize the number of laid-off employees", Legault told reporters.
The GMB union, which represents Bombardier workers, said it was demanding answers from the company on behalf of its members. The Q series and de Havilland trademark are going to Longview Aviation Capital Corp. subsidiary Viking Air for $300 million.
Michael Mulholland, GMB regional organiser, said: "Bombardier jobs are crucial to Belfast's economy and GMB will fight tooth and nail to save them".
The Montreal-based company also announced the sale of its flight training business to CAE Inc. for about US$645 million.
Dropping the Q400 will allow Bombardier to zero in on producing its Global series of long-range business jets, including the Global 7500, whose first aircraft is slated for delivery next month.
The announcement came as Bombardier unveiled its third-quarter results, in which pre-tax profits doubled to $267m for the three months to September compared with the same period past year.
The company will only be able to attain its target of breaking even on a cash-flow basis this year by including the proceeds from a US$635 million land sale in Toronto.
"There's no question, the writing's on the wall - we've go to move", Curtis said.
Jamie Koutsoukis, a senior analyst at Moody's, said by email she believes Bombardier has "an uncertain ability to generate positive free cash flow in 2019".
Excluding one-off and one-time items, Bombardier posted quarterly adjusted earnings of 4 cents a share, above the consensus of analysts who expected a gain of 2 cents. According to Bombardier, the sale of these two assets will net the company $900 million. He says Longview intends to maintain existing supply chains for the Q400 and Dash 8 series that stretch from China to Ireland.
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