MONTREAL — Bombardier Inc. is prepared to cut more jobs if its markets weaken further, Canada’s largest aircraft maker said after slashing 3,000 jobs around the world to cope with weakening demand.
“Hopefully the market will pick up, but if action is required we will take decisive action,” Guy Hachey, chief operating officer of Bombardier Aerospace, said during a conference call with analysts and the media Thursday.
The cuts came as Bombardier reported increased profits and revenues for its fourth quarter and financial year. Bombardier earned US$1 billion in annual profits last year for the first time in its history.
The job losses affect about 1,500 workers in Canada and reflect Bombardier’s move to cut production of business jets in anticipation of a 25 per cent drop in deliveries this year, well above its 10 per cent target made in February.
Companies in the automotive, machinery, forestry and aircraft sectors have cut thousands of jobs in the last 18 months as the recession squeezes demand for their products from the key United States market and customers around the world.
The global aircraft sector has been hit hard by the recession, which has squeezed jet orders from major airlines.
In Canada, the company operates major aircraft assembly operations in suburban Toronto and Montreal.
The Montreal plant will be hardest hit as 1,030 jobs will be cut.