Derbyshire workers face uncertain future as Bombardier cuts 5,000 jobs

The logo of Bombardier is seen during the Latin American Business Aviation Conference & Exhibition fair at Congonhas Airport in Sao Paulo Brazil Aug. 14 2018

About 2,500 Bombardier workers will be laid off in Quebec and 600 in Ontario.

The company said the jobs will be eliminated over the next 12 to 18 months and save the company about $250 million a year by 2021.

The Wichita site - which assembles Learjets, performs flight testing of all the company's aircraft and also repairs and maintains Bombardier's full line of business jets - employs about 1,600 people.

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

The company on Thursday forecast 2019 revenue would grow by 10 percent to $18 billion or more, driven by a pickup in deliveries of its Global 7500 business jets. And the overhaul might not be over yet, with Bombardier saying it's exploring strategic options for its CRJ regional jet program.

'With today's announcements, we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio, ' he said in a statement, adding that the firm 'will continue to be proactive in focusing and streamlining the organisation'.

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Earlier on Thursday, Bombardier said it was selling its Q400 turboprop program to a unit of Longview Aviation Capital for $300 million and its business aircraft flight and training activities to CAE Inc for $645 million. The provincial government gave the company a lifeline about three years ago by agreeing to invest US$1 billion in the CSeries program.

With the aerospace investment effort complete, key engineering team members will be redeployed.

It hasn't specified where the job cuts will be made, but isn't ruling out cuts in the UK.

For the quarter, Bombardier's revenues reached $3.6 billion, representing 3% organic growth year over year, from Transportation, Business Aircraft and Aerostructures, as the Company deconsolidated revenues from the C Series program following the closing of the Airbus partnership.

In the third quarter, adjusted earnings rose to 4 cents a share, topping the 2 cent average of analyst estimates compiled by Bloomberg. Analysts, on average, expected US$3.87 billion in revenue and a profit of two cents per share.

Last year Bombardier sold a majority stake in its C Series passenger jet business to European aerospace giant Airbus for no cost. Quarterly cash burn decelerated to US$370 million in the period.

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