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Bombardier Aerospace Cutting 10 Percent of Workforce

by Blue Crush | April 2, 2009 at 03:55 am

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In a stunning move this morning, Bombardier, the world's third largest aircraft manufacturer, announced that they're cutting 3,000 jobs by the end of 2009. This is a result of a weaker demand for business and regional jets than previously expected.

Layoffs will affect their workforce in Canada, the United States, Mexico and northern Ireland.

In a press release issued on Thursday morning outlining its fourth-quarter results, the company said it expected to deliver about 25 per cent less business aircraft this fiscal year and will be cutting its workforce by about 10 per cent.
The layoffs are in addition to the 1,360 announced Feb. 5 when Bombardier adjusted the production rates of its Learjet and Challenger aircraft. The announced layoffs are now expected to be about 4,360.

Stocks remain strong.

Net income rose to $309.0 million, or 17 cents per share, in the fourth quarter ended Jan. 31, from $218.0 million, or 12 cents per share, a year earlier.

A listing of the cities affected and the exact amount of cuts can be found on Bombardier's website.

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