Bombardier cutting about 5,000 jobs as part of restructuring plan

Bombardier Inc. says it's cutting about 5,000 jobs across the organization over the next 12 to 18 months as part of a new restructuring plan.

The cuts are expected to lead to about US$250 million in annualized savings by 2021.

The company also announced the sale of what it called a number of non-core assets.

Bombardier has struck a deal to sell its Q Series aircraft program and de Havilland trademark to a subsidiary of Longview 
Aviation Capital Corp. for about US$300 million.

It also announced the sale of its business aircraft's flight and technical training business to CAE, and the monetization of royalties for about US$800 million.

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 last year.