70,000 jobs are to go at aerospace and rail equipment company, Bombardier.
The company says the job losses will take place over a two year period and will include 2,000 contractors, but they also say that the losses will be partly offset by hiring in certain areas.
Most of the losses will be felt here in Canada and in Europe, with cuts beginning in the coming weeks.
The news come just as we learn of an order placed with the Montreal based company by Air Canada, for Bombardier’s new CSeries jet.
The flag carrier has signed a letter of intent to purchase 45 of them, with options for 30 more, in a deal that could be worth 3.8-billion dollars to Bombardier.
The financial results for Bombardier’s latest quarter and the 2015 financial year along with a forcecast for 2016 were also released alongside the news of the job losses.
President and CEO Alain Bellemare, said of the news ”we are turning Bombardier around to make this great company stronger and more competitive,” adding that ”today, with the signing of Air Canada for the leading-edge CS300 aircraft, we add a major international airline customer based in North America to complement our orders in both Europe and Asia.”