Bombardier considers move away from Downsview
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Re: Bombardier considers move away from Downsview
Does that include parts and maintenance support for the whole Dash 8 series?
Re: Bombardier considers move away from Downsview
MONTREAL — Bombardier Inc. announced Thursday it will cut about 5,000 jobs across the organization over the next 12 to 18 months as part of a new restructuring plan.
The cuts are expected to lead to about US$250 million in annualized savings by 2021.
The company also announced the sale of what it called a number of non-core assets.
Bombardier has struck a deal to sell its Q Series aircraft program and de Havilland trademark to a subsidiary of Longview Aviation Capital Corp. for about US$300 million.
It also announced the sale of its aircraft's flight and technical training business to CAE, and the monetization of royalties for about US$800 million.
"With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan," Bombardier chief executive Alain Bellemare said in a statement.
"With today's announcements we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio."
The changes came as Bombardier reported a profit of US$149 million or four cents per share in its latest quarter, compared with a loss of US$100 million or four cents per share in the same quarter last year.
Revenue in what was the company's third quarter totalled $3.64 billion, down from $3.84 billion a year ago.
On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017.
Longview Aviation, the parent company to Viking Air Ltd., said once it completes its deal with Bombardier it will become North America's largest commercial turbo-prop aircraft manufacturer.
The agreement includes the entire Dash 8 program, including the 100, 200 and 300 series and the in-production Q400 program.
"The Dash 8 turbo-prop is the perfect complement to our existing portfolio of specialized aircraft including the Twin Otter and the Canadair CL 215 and 415 series of water bombers," Longview Aviation chief executive David Curtis said in a statement.
The cuts are expected to lead to about US$250 million in annualized savings by 2021.
The company also announced the sale of what it called a number of non-core assets.
Bombardier has struck a deal to sell its Q Series aircraft program and de Havilland trademark to a subsidiary of Longview Aviation Capital Corp. for about US$300 million.
It also announced the sale of its aircraft's flight and technical training business to CAE, and the monetization of royalties for about US$800 million.
"With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan," Bombardier chief executive Alain Bellemare said in a statement.
"With today's announcements we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio."
The changes came as Bombardier reported a profit of US$149 million or four cents per share in its latest quarter, compared with a loss of US$100 million or four cents per share in the same quarter last year.
Revenue in what was the company's third quarter totalled $3.64 billion, down from $3.84 billion a year ago.
On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017.
Longview Aviation, the parent company to Viking Air Ltd., said once it completes its deal with Bombardier it will become North America's largest commercial turbo-prop aircraft manufacturer.
The agreement includes the entire Dash 8 program, including the 100, 200 and 300 series and the in-production Q400 program.
"The Dash 8 turbo-prop is the perfect complement to our existing portfolio of specialized aircraft including the Twin Otter and the Canadair CL 215 and 415 series of water bombers," Longview Aviation chief executive David Curtis said in a statement.
You Can Love An Airplane All You Want, But Remember, It Will Never Love You Back!
Re: Bombardier considers move away from Downsview
Everything. Spares, support, customer service... The works. For all Dash-8 variants.goingnowherefast wrote: ↑Thu Nov 08, 2018 6:44 am Does that include parts and maintenance support for the whole Dash 8 series?
Apparently Viking also bought the Dehavilland name.
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Re: Bombardier considers move away from Downsview
https://business.financialpost.com/tran ... 1541696983
Down 27% at the lows today.
And I thought this was a world leading stock headed over 10 bucks imminently, in a ripping economy, I might add. So I was told, here.
Next Government support package in 5..4..3..2..1.
I'll take a pass, thanks. Again. My opinion on BBD hasn't changed.
Brutal company. Brutal management.
Down 27% at the lows today.
And I thought this was a world leading stock headed over 10 bucks imminently, in a ripping economy, I might add. So I was told, here.
Next Government support package in 5..4..3..2..1.
I'll take a pass, thanks. Again. My opinion on BBD hasn't changed.
Brutal company. Brutal management.
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Re: Bombardier considers move away from Downsview
I’m pretty ignorant in this topic so if someone can explain. I read they have 1500 RJs in service + all the Qs.. how is a company like this doing badly?
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Re: Bombardier considers move away from Downsview
It’s sad to see Bombardier get broken up into smaller and smaller pieces as its major manufacturing programs are being sold off. At least the bright side to this is that some of these jobs will stay in Canada rather than having the Q400 program be sold to some other nation such as China, as was the rumour after the CSeries program was sold.
It will be interesting to see how Viking handles continued production of the Q400, if indeed they are able to. It’s certainly a long way from maufacturing a few dozen Twin Otter 400 Series per year. It would be interesting to see them restart manufacturing of the Q300 while carrying over some improvements from the Q400 program. ATR has been hugely successful in the 50-seat turboprop market simply due to the fact that there is no competitor to the ATR-42 currently being built. Certainly there are markets in Canada which are viable for this level of service while still being too small for a Q400, as the launch of WestJet Link and Jazz’s retention of the -300s proves.
Unfortunately Bombardier went all-in financially on the CSeries program and didn’t have the resources to continue innovating in the turboprop or small RJ market. Hopefully Viking will be a worthy successor to Bombardier/de Havilland Canada in that regard.
It will be interesting to see how Viking handles continued production of the Q400, if indeed they are able to. It’s certainly a long way from maufacturing a few dozen Twin Otter 400 Series per year. It would be interesting to see them restart manufacturing of the Q300 while carrying over some improvements from the Q400 program. ATR has been hugely successful in the 50-seat turboprop market simply due to the fact that there is no competitor to the ATR-42 currently being built. Certainly there are markets in Canada which are viable for this level of service while still being too small for a Q400, as the launch of WestJet Link and Jazz’s retention of the -300s proves.
Unfortunately Bombardier went all-in financially on the CSeries program and didn’t have the resources to continue innovating in the turboprop or small RJ market. Hopefully Viking will be a worthy successor to Bombardier/de Havilland Canada in that regard.
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Re: Bombardier considers move away from Downsview
How people can think the same management that has destroyed the reputation of the train division, can somehow effectively produce a quality aviation product (Much more complex) AND make money while doing so, is beyond me.
I don't know Viking well, but suspect it's better run. No bailouts (to my knowledge anyway) and still in business.
I don't know Viking well, but suspect it's better run. No bailouts (to my knowledge anyway) and still in business.
Last edited by rookiepilot on Thu Nov 08, 2018 11:07 am, edited 1 time in total.
Re: Bombardier considers move away from Downsview
In a nutshell, a poorly mismanaged company that also spent every cent they had available on entering the narrow body jet world. Hampered by cost over runs and delays followed with poor sales. They leveraged the farm on the C Series. Now its a fire sale to just stay in business. They found themselves close to being kicked off the TSX when they became a penny stock a couple years ago.flyingcanuck wrote: ↑Thu Nov 08, 2018 10:32 am I’m pretty ignorant in this topic so if someone can explain. I read they have 1500 RJs in service + all the Qs.. how is a company like this doing badly?
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Re: Bombardier considers move away from Downsview
https://business.financialpost.com/tran ... 00-layoffs
BBD announces layoffs at special meeting. CEO doesn't even show up, "schedule is very busy"
Executive bonuses? Fully Intact.
I remember here reading the defense of this "world class" company and their first rate management team, when I critiqued them.
LOL -- is all I can say. What an embarrassment. What a gutless CEO.
BBD announces layoffs at special meeting. CEO doesn't even show up, "schedule is very busy"
Executive bonuses? Fully Intact.
I remember here reading the defense of this "world class" company and their first rate management team, when I critiqued them.
LOL -- is all I can say. What an embarrassment. What a gutless CEO.
Re: Bombardier considers move away from Downsview
I thought the aviation side seemed to be the competently run part of the operation. What gives? Harder to get bailed out when you don't make garbage?
- rookiepilot
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Re: Bombardier considers move away from Downsview
$2.25 today. Down another 10%.
BK....or yet another Bailout? Place your bets.
Maybe the Quebec taxpayers will actually revolt this time if asked to give that CEO another 10 million.
https://www.thestar.com/opinion/star-co ... rdier.html
3 billion so far to this "world class" company.
BK....or yet another Bailout? Place your bets.
Maybe the Quebec taxpayers will actually revolt this time if asked to give that CEO another 10 million.
https://www.thestar.com/opinion/star-co ... rdier.html
3 billion so far to this "world class" company.
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Re: Bombardier considers move away from Downsview
Rather than just focus on the negatives of Bombardier, on the flip side, what are the implications for Longview/Viking? Are they likely to continue building Q400s, or will they only provide support and let the fleets dwindle away? Is there a chance they'll start making modernized versions of the Classics? Would they move production to VIctoria or Calgary if they decide to build more?
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Re: Bombardier considers move away from Downsview
I'd like the Bombardier defenders to show up, please.
I posted as such to Bill Morneau:
Sir, Canadians want to know why this government continues to pour money into Bombardier's executive bonuses and 14 million dollar CEO, while laying off thousands of workers -- while maintaining hard working small business folks are "tax cheats".
I posted as such to Bill Morneau:
Sir, Canadians want to know why this government continues to pour money into Bombardier's executive bonuses and 14 million dollar CEO, while laying off thousands of workers -- while maintaining hard working small business folks are "tax cheats".
Re: Bombardier considers move away from Downsview
So what does Bombardier actually do?
The CRJ was canadair, the Q400 was dehavilland before them.. The C series is now Airbus...
Blows me away that our government just keeps handing their execs cash.
The CRJ was canadair, the Q400 was dehavilland before them.. The C series is now Airbus...
Blows me away that our government just keeps handing their execs cash.
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Re: Bombardier considers move away from Downsview
Take the money back from Bombardier, and give it to Viking. Restart the Q200/300/400 production. Build the Buffalo for civilian and military
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Re: Bombardier considers move away from Downsview
Awesome idea. Never going to happen.goingnowherefast wrote: ↑Wed Nov 14, 2018 7:05 pm Take the money back from Bombardier, and give it to Viking. Restart the Q200/300/400 production. Build the Buffalo for civilian and military
Viking is an Western based company.
Bombardier is a pure political football, unlike the auto bailouts.
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Bonuses!!!
Large North American corporations tend to get parasitised into a conspiracy by upper management to screw employees, customers, government and shareholders in whichever way will maximise their bonuses.
Re: Bombardier considers move away from Downsview
"Awesome idea. Never going to happen.
Viking is an Western based company. "
Exactly. Without government support where would the money come from? Enormous capital investment.
Viking is an Western based company. "
Exactly. Without government support where would the money come from? Enormous capital investment.
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Re: Bombardier considers move away from Downsview
Is Viking even traded publicly? I sold all my Bombardier shares a long time ago.
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Re: Bombardier considers move away from Downsview
https://www.cbc.ca/news/canada/montreal ... -1.4907857
Quebec securities regulator investigating.
I guess they are pissed they gave these guys so much dough without any job guarantees.
Brilliant.
https://business.financialpost.com/comm ... stors-flee
Here's an industry Trudeau could help with the stroke of a pen. No money at all.
And refuses. After all it's in Alberta. Would never help the province Harper came from.
Mark my words. Alberta will separate.
https://globalnews.ca/news/3346938/trud ... xecutives/
There's little question Trudeau will bail out Bombardier again. His friends.
"We respect the free market and the choices that companies will make,” Trudeau said. “But we also have a responsibility to ensure that the investments we make with taxpayers’ dollars are leading to good jobs and growth.”
How's that working for you? Sure it won't stop the next bailout. Why not help a successful company like Viking?
Dumb question. I know.
https://www.bcbusiness.ca/lunch-with-vi ... ave-curtis
CEO looks cool. Pilot. Doubt he gets 14 million.
Quebec securities regulator investigating.
I guess they are pissed they gave these guys so much dough without any job guarantees.
Brilliant.
https://business.financialpost.com/comm ... stors-flee
Here's an industry Trudeau could help with the stroke of a pen. No money at all.
And refuses. After all it's in Alberta. Would never help the province Harper came from.
Mark my words. Alberta will separate.
https://globalnews.ca/news/3346938/trud ... xecutives/
There's little question Trudeau will bail out Bombardier again. His friends.
"We respect the free market and the choices that companies will make,” Trudeau said. “But we also have a responsibility to ensure that the investments we make with taxpayers’ dollars are leading to good jobs and growth.”
How's that working for you? Sure it won't stop the next bailout. Why not help a successful company like Viking?
Dumb question. I know.
https://www.bcbusiness.ca/lunch-with-vi ... ave-curtis
CEO looks cool. Pilot. Doubt he gets 14 million.