Germany affected by Bombardier job cuts

Feb 29, 2016, 21:07

Yesterday, Bombardier announced that Air Canada had signed a letter of intent - but not a firm order - for up to 75 of the jets, worth up to £2.7 billion at full list price. "A landmark order from a marquee and iconic customer like Air Canada is a very significant strategic marker for the C Series aircraft program and we're looking forward to further strengthening a relationship that spans 30 years", said Mr. Cromer.

Philippine Airlines will take delivery of the A350-900s in two years and the aircraft are meant to replace older A340 models, company president Jaime Bautista said at the Singapore Airshow Wednesday.

Though most industry observers say the state-of-the-art airliner is among the best on the market, the C-Series had gone more than a year with an order.

The Montreal-based company announced on Wednesday that it plans to eliminate 7,000 positions over two years, including 2,830 in Canada, after losing US$5.34 billion in 2015.

The cuts will be partly offset by hiring in certain areas, particularly as Bombardier plans to ramp up production of its new CSeries jets, the company said. Last month, its stock fell below the $1 mark on the TSX for the first time in 25 years.

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The HNC has said it did not receive any maps of areas included in the ceasefire or documents explaining the monitoring mechanism. He also said there had been an attack by Hezbollah in the town of Zabadani, without giving details.

The Canadian-based company said that 3,800 jobs would go across three of its aviation arms and 3,200 more in ground transport.

Bombardier, which has about 64,000 employees, expects to record $250 million to $300 million in restructuring charges in 2016 for the layoffs.

Bombardier reported $5 billion in revenue for the fourth quarter ended December 31 2015, down from just under $6 billion a year earlier.

Shares of Bombardier, which also benefited from news of a planned reverse stock split, were up 19 percent at CUS$1.07 in midday trading after rising as high as CUS$1.17. Bombardier Inc. also builds trains, but has struggled to expand the market for its CSeries commercial jet program despite sinking billions of dollars into the passenger Jet's production.

The job cuts will be mainly in the company's aerostructures and engineering services and transportation divisions in Canada and Europe.

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Dyke continued: "And there was so much bad blood from the last time we tried - at government level as well as at the FA level". Fellow Asian candidate Sheikh Salman, who was trumped by Infantino, was not seen as offering change to the besieged body.

Bombardier's ugliest numbers concern its free cash flow usage.

The federal government has been reviewing a request from Bombardier for financial aid to deal with the CSeries, the company's new generation of commercial aircraft. "Air Canada is to be complimented for its commitment with this announcement and it's a testament to our 4,500 members at Bombardier".

Quarterly revenue came in at $5.02 billion, well below analysts' expectations of $5.48 billion.

That said, the ugly numbers were already well known before Bombardier released this update, so it's not surprising that the stock has reacted well.

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It's one of the reddest states in the country and a leader in fracking, which Sanders calls "a disaster for the planet". He is a successful person that, like me, isn't afraid to tell it like it is.