Bombardier announces 3,000 aerospace job cuts, but still hiring

By Hercules Kataveli, B2P
Published on Thursday April 2, 2009 at 11:04 am ET
Updated 05-3-10, 11:01 pm ET

Montreal-based airplane and rail maker Bombardier has announced it will cut 3,000 (10% of its total worldwide headcount). jobs from its aerospace division. The jobs cuts will affect workers in Toronto, Montreal, Mexico, Ireland, and the U.S.

Bombardier sales of airplanes have fallen significantly given lower demand as a result of the global financial crisis. Bombardier reported it delivered 349 planes last fiscal year, down from 361 delivered planes the year before.

Bombardier CEO Pierre Beaudoin said today, “We believe we are well positioned to face this difficult economic environment with a strong balance sheet, high level of liquidity,”

Despite the new job cuts, Bombardier is still actively hiring for other aircraft divisions such as the CSeries division.

More recently, Bombardier’s biggest competitor Boeing announced 10,000 job cuts. Competitor Cessna Aircraft also recently announced 2,000 more job cuts.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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