Bombardier to Slash Jobs, Slow Production
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Bombardier Inc. will fire about 2,000 aerospace workers, slow production of Challenger and Learjet aircraft and sell about $3.17 billion in finance assets as airlines’ losses increase and corporate travel falls.
Production will be slowed at plants in Wichita, Kan.; Belfast, Canada; Toronto and Montreal, where the company is based, Bombardier said.
Bombardier shares had tumbled 72% this year as debt rose and U.S. airlines headed for an estimated third-quarter loss of as much as $2 billion.
The job cuts will begin next month in the U.S., Canada and Britain.
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