Bombardier to Scrap 7,500 More Jobs as CEO Deepens Cost Cuts
- Bellemare reduces employment for second time in eight months
- Company says C Series, Global 7000 remain key programs
'Preserving Bombardier C-Series Key Amid 7,500 Job Cuts'
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Bombardier Inc. will cut an additional 7,500 jobs -- more than 10 percent of its workforce -- over two years as the maker of trains and airplanes accelerates a restructuring plan after taking on billions of dollars of debt to develop its marquee C Series jetliner.
Restructuring charges of $225 million to $275 million will be reported as special items starting in the fourth quarter and continuing through 2017, Bombardier said in a statement Friday. The Montreal-based company expects the program to yield savings of about $300 million a year by the end of 2018, saying it would ensure competitiveness and improve profit margins.