CEO who bought Bombardier's Q400 line says production will stay in Canada

CEO who bought Bombardier's Q400 line says production will stay in Canada

CEO who bought Bombardier's Q400 line says production will stay in Canada

Bellemare says the cuts and sales are necessary, and that the Bombardier company will continue to "streamline" its operations.

Speaking in July Bombardier president of aerostructures and engineering services, Michael Ryan warned of further efficiency savings in Belfast and did not rule out the prospect of job cuts.

Technical training business to be sold to CAE Bombardier will also sell its business aircraft flight and technical training business, run out of Montreal, Quebec City, and Dallas Texas to another prominent Montreal-based multinational CAE.

Montreal-based Bombardier made the restructuring announcement Thursday morning as part of its earnings for the quarter ended September 30, which showed a 5 percent drop in revenue but a profit of $149 million compared with a loss in the year-ago quarter.

Bombardier shares closed at $2.41 Thursday, a nosedive of more than 24 per cent to its lowest price in more than a year - and its biggest one-day drop since February 2015 - due to concerns over cash flow.

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Net profit of US$149 million compared with a net loss of US$100 million previous year when the company was making heavy investments in various segments including planes.

It comes months after Bombardier completed the disposal of its loss-making CSeries jet program to Europe's Airbus, which renamed the aircraft A220.

For the full year, Bombardier expects revenues of approximately $16.5bn (£12.6bn).

Bellemare said at the time the company was committed to the Q400 and CRJ.

The company said the latest round of layoffs, which accounted for over 7 percent of its global workforce, will save Bombardier about $250 million by 2021.

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"We're continuing to improve our processes", he said.

Any future production site will "absolutely not" leave Canadian soil, he said. Analysts, on average, expected $3.87 billion revenue and a profit of two cents per share.

The company's third-quarter revenues reached $3.6 billion USA, a 48 per cent increase compared to its earnings for the same period past year.

CAE is picking up the training business for $645 million, along with spending an additional $155 million for the monetization of royalties from the business.

Net proceeds from the transactions are expected to be approximately 900 million Canadian dollars after the assumption of certain liabilities, fees, and closing adjustments.

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