MONTREAL, Canada - The Canadian aerospace giant Bombardier, which has been struggling financially, has now announced its decision to layoff workers around the world.
The company, which employs 70,000 people worldwide, has said that it would be cutting 5,000 workers at its operations globally.
Montreal-based Bombardier, which currently has production and engineering sites in 28 countries, has stated that the job cuts would help the company streamline operations as part of its broader restructuring plan.
According to Bombardier, it is planning on cutting 2,500 jobs in the Canadian province of Quebec, while 500 workers would be laid off from the company's operations in the province of Ontario.
Apart from these details, Bombardier has refused to release any other details about the remaining expected job losses.
However, the company has confirmed that more than half of the cuts will be made over the next 12-18 months.
Bombardier also estimates that the job cuts, which includes about 7 percent of the global workforce, will help the company save $250 million.
Along with the announcement about layoffs, the firm has also stated that it will sell two of its "non-core" businesses, its Q Series aircraft for $900 million and the de Havilland trademark, for $300 million.
Alain Bellemare, chief executive of Bombardier said in a statement, "We continue to make solid progress executing our turnaround plan. We have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio."
Meanwhile, the GMB union, which represents Bombardier workers has sought answers from the company.
In a statement, Michael Mulholland, a GMB regional organiser, said, "Bombardier jobs are crucial to Belfast's economy and GMB will fight tooth and nail to save them."
Further, Susan Fitzgerald, regional secretary of Unite said in an interview with BBC, "We're now preparing for them to make further announcements about how they see that having an impact on workers in Northern Ireland."