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Bombardier to Lay Off 3,000 Aerospace Workers
Yahoo! ^ | Wednesday, March 5, 2003 | Reuters
For education and discussion only. Not for commercial use.
MONTREAL (Reuters) - Plane, train and snowmobile maker Bombardier Inc. said on Wednesday, one day after it slashed its profit forecast for 2002-03, that it plans to lay off 3,000 workers or 4 percent of its workforce.
The layoffs will take place over the next 12 months at the company's aerospace unit in Montreal, Toronto and Belfast. The unit has suffered from the restructuring of U.S. airlines following the Sept. 11 attacks in the United States and weak business jet markets.
Bombardier has 75,000 employees.
"In view of challenging market conditions, we have a responsibility to take aggressive actions to continuously improve our competitive edge and align our production rate with market demand," Bombardier Aerospace President and Chief Operating Officer Pierre Beaudoin said in a statement.
The world's No. 1 maker of trains and regional jets slashed on Tuesday its profit forecast by half for fiscal 2002-03, which ends on Jan. 31, 2003.
The Montreal-based firm also said that big noncash writeoffs were possible for its aerospace programs. The news sent the stock nose-diving by 15 percent, or 71 Canadian cents, to C$3.88 in heavy trading on Tuesday.
Yahoo! ^ | Wednesday, March 5, 2003 | Reuters
For education and discussion only. Not for commercial use.
MONTREAL (Reuters) - Plane, train and snowmobile maker Bombardier Inc. said on Wednesday, one day after it slashed its profit forecast for 2002-03, that it plans to lay off 3,000 workers or 4 percent of its workforce.
The layoffs will take place over the next 12 months at the company's aerospace unit in Montreal, Toronto and Belfast. The unit has suffered from the restructuring of U.S. airlines following the Sept. 11 attacks in the United States and weak business jet markets.
Bombardier has 75,000 employees.
"In view of challenging market conditions, we have a responsibility to take aggressive actions to continuously improve our competitive edge and align our production rate with market demand," Bombardier Aerospace President and Chief Operating Officer Pierre Beaudoin said in a statement.
The world's No. 1 maker of trains and regional jets slashed on Tuesday its profit forecast by half for fiscal 2002-03, which ends on Jan. 31, 2003.
The Montreal-based firm also said that big noncash writeoffs were possible for its aerospace programs. The news sent the stock nose-diving by 15 percent, or 71 Canadian cents, to C$3.88 in heavy trading on Tuesday.
