Bombardier Inc is selling off its turboprop program and another non-core division to focus on its transportation and business jet
09 November, 2018, 11:28
The changes came as Bombardier reported a profit of US$149 million or four cents per share in its latest quarter, compared with a loss of US$100 million or four cents per share in the same quarter a year ago.
The Montreal-based plane and train maker announced the cuts early Thursday, saying they're created to "lean out and simplify" the company's corporate structure.
Bombardier also said it was selling for $300 million its Q-400 program and de Haviland trademark to the parent of Viking Air, which bought Bombardier's aerial firefighting aircraft program a few years ago. The cut represents more than 7 per cent of the company's workforce.
Bombardier Inc. tumbled the most in more than three years as a weakened cash-flow forecast sowed doubts about Chief Executive Officer Alain Bellemare's progress in turning around the debt-laden maker of trains and aircraft.
"With the measures announced, we are confident that we will be able to reach our goals in 2020", Bellemare said during a conference call.
"We're continuing to improve our processes", he said.
"This is very bad news, it sends a worrisome message about the future of the industry", Renaud Gagne, head of the Unifor labour union's Quebec branch, said in a statement.
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 company's new Global 7500 aircraft - the largest and longest-range business jet on the market - meanwhile, has now been certified flight worthy, paving the way for its entry into service in December.
On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017.
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. And the overhaul might not be over yet, with Bombardier saying it's exploring strategic options for its CRJ regional jet program.
To make up the difference, the Canadian aircraft manufacturer had made a decision to give up control (50.01 per cent) of its subsidiary dedicated to the CSeries aircraft, now known as the A220, to European giant Airbus in exchange for using Airbus's sales and marketing heft to lift CSeries sales. And in June 2016, the Quebec government closed a US$1-billion investment in Bombardier's then-wholly owned CSeries program.
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