Bombadier to slash 7,000 jobs

Bombadier to slash 7,000 jobs

Bombadier to slash 7,000 jobs A major Canadian institution with world-wide reach has announced plans to cut as many as 7,000 jobs over the next two years – the majority of which will be made across Canada and Europe.

Montreal-based Bombadier announced the plan earlier this week and said the cuts, due to begin in the coming weeks, should be completed by 2017.

With an estimated 64,000 employees globally, the aerospace and rail equipment company plans to cut more than 10 per cent of its entire workforce.

The largest job losses will be seen in the transportation sector where 3,200 positions will go, equal to five per cent of the company’s entire workforce.

The aero structures and engineering services unit will eliminate 2,500 jobs (3.91 per cent), the product development engineering, aerospace division will cut 800 positions (1.2 per cent) and the business aircraft division will eliminate 500 jobs (0.78 per cent.)

While the job losses are unarguable wide, the company has indicated that they will be partly offset by hiring in other areas.

“We are turning Bombardier around to make this great company stronger and more competitive,” said Bombardier’s president and chief executive Alain Bellemare.

More like this:

Ontario court busts long-standing employment myth

Spies who chased terrorists join banks to hunt for rogue traders

Three alternatives to scrapping annual reviews