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Bombardier cuts 5,000 jobs globally Fears for thousands of Bombardier jobs in Northern Ireland
(35 minutes later)
Bombardier is cutting 5,000 jobs globally in a bid to "streamline" its operations. Thousands of Bombardier workers in Northern Ireland face uncertainty after the Canadian company announced 5,000 job cuts globally on Thursday.
The struggling Canadian plane and transportation manufacturer said the cuts would be made over the next 12 to 18 months. The struggling plane and train maker has not said where the cuts would be made over the next 12 to 18 months.
It will also sell its Q Series aircraft programme for $900m (£687m) and the de Havilland trademark for $300m. Bombardier employs almost 70,000 people, including 5,500 in Northern Ireland.
It was unclear if jobs at Bombardier's UK operations, such as its Belfast headquarters, would be affected. About 4,000 of those work in its Belfast factory, making it the city's biggest employer.
The firm employs 69,500 people globally, including 4,000 in Belfast. Bombardier also has operations at Newtownabbey, Dunmurry and Newtownards in Northern Ireland and accounts for 10% of its manufacturing exports.
The firm will also sell its Q Series aircraft for $900m (£687m) and the de Havilland trademark for $300m.
"We have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio," said chief executive Alain Bellemare."We have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio," said chief executive Alain Bellemare.
Following the announcement, a Bombardier UK spokesperson said: "We will take the necessary time to evaluate what this means for our Aerostructures and Engineering Services business. We will communicate with our employees in more detail over the coming weeks."
Earlier this year, Bombardier sold a majority stake in its loss-making C-Series aircraft to Europe's Airbus, with the plane being renamed the A220.Earlier this year, Bombardier sold a majority stake in its loss-making C-Series aircraft to Europe's Airbus, with the plane being renamed the A220.
The announcement came as Bombardier unveiled its third-quarter results in which pre-tax profits doubled to $267m for the three months to September compared with the same period last year. The announcement came as Bombardier unveiled its third-quarter results, in which pre-tax profits doubled to $267m for the three months to September compared with the same period last year.
It also forecast revenue growth of 10% in 2019 to at least $18bn. Sales were down 5% to $3.6bn, but revenue is expected to jump 10% to at least $18bn next year.
Mr Bellemare was brought in three years ago to shore up Bombardier, which was facing serious financial trouble with the C Series programme and had to be rescued by the Quebec government with a $1bn bailout.