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Bombardier says its restructuring will result in annualized savings of about $ 250 million by 2021.
Photo:
paulo whitaker / Reuters
Bomber
Inc.
BDRBF 1.57%
On Thursday, we unveiled a rationalization plan providing for the sale of non-core assets for a net proceeds of approximately $ 900 million and the removal of approximately 5,000 jobs over the next 12 to 18 years. month.
The Montreal company has stated that it has agreed to sell the technical and flight training activities of its business jet unit to
CAE
Inc.
and monetize future royalties for about $ 800 million.
Bombardier also announced that it has agreed to sell its Q Series aircraft program and the trademark of Havilland to a unit of Longview Aviation Capital Corp. for about $ 300 million.
It has also initiated a restructuring aimed at optimizing production and management processes, smoothing management structures and reducing indirect costs, the company added.
Bombardier said its actions would eliminate approximately 5,000 jobs and result in annual savings of approximately $ 250 million by 2021.
Write to Colin Kellaher at [email protected]
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