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Bombardier

November 16, 2018

Bombardier to cut 5000 jobs in restructuring, Thailand conglomerate Charoen Pokphand Group bids for rail project, and Volkswagen in talks with Ford to invest in self-driving unit Argo.

Bombardier to cut 5000 jobs in restructuring

Canadian aerospace giant Bombardier is to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.

Bombardier said the 7% reduction of its workforce over the next 12 to 18 months will save the company about $250 million a year by 2021, with the job cuts mostly coming from the company’s engineering and management ranks.

September 28, 2017

US regulators side with Boeing in Bombardier row; Dyson to release “radical” EV; and non-doms flee Brexit UK.

US regulators side with Boeing in Bombardier row

Family-controlled Bombardier has called a proposed import duty on its new US fleet “absurd and divorced from reality”, in the latest chapter of its spat with American rival Boeing.

The US Commerce Department this week sided with Boeing in the dispute, proposing punitive tariffs of up to 219% on Bombardier’s C-Series jet, which Boeing claims is being sold in the US below cost thanks to subsidies and bailouts from the Quebec, Canadian and UK governments.

May 17, 2017

ArcelorMittal doubles earnings after cost-cutting drive; Bombardier’s Beaudoin leaves chairman post amid revolt but stays on board; India’s Ramco Group second-gen chairman dies.

ArcelorMittal doubles earnings after cost-cutting drive

The chief executive of steel and mining giant ArcelorMittal says he is “satisfied” following a first quarter result which saw sales up 20% year-on-year.

Sales in the quarter ending 31 March were $16.1 billion, up from $13.4 billion for the same period last year. Net income sat at $1 billion, compared to last year’s first quarter loss of $416 million.

February 19, 2016

Bombardier to cut 10% of global workforce; Cemex posts strong full-year results; and Walmart forecasts sluggish sales growth

Bombardier to cut 10% of global workforce

Canadian transporter Bombardier is to cut 7,000 jobs over the next two years – close to 10% of its global workforce – after revenues slumped by 10% in 2015.

Bombardier, the world’s third largest maker of jet aircraft, posted revenues of $18.2 billion in the year to 31 December 2015, down from $20.1 billion in 2014.

The company said it plans to reduce the number of shares it has outstanding with a reverse stock split to boost its attractiveness to investors.

February 13, 2015

Leadership has been passed on to a non-family executive this week in a surprise announcement at Canadian family business Bombardier, as the company posts a big loss for the fourth quarter.

Leadership has been passed on to a non-family executive this week in a surprise announcement at Canadian family business Bombardier, as the company posts a big loss for the fourth quarter.

Pierre Beaudoin, grandson of the company’s founder, has been chief executive of the Montreal-based aerospace company since 2003, but on Thursday announced he was stepping down to make way for Alain Bellemare, a former United Technologies Corp (UTC) executive.

August 15, 2012

The family behind shopping centre chain Westfield may be sitting pretty after reporting a big jump in earnings for the first half of this year, but the mood at family-controlled News Corp, Cargill and Bombardier will likely be subdued due to poor results.

The family behind shopping centre chain Westfield may be sitting pretty after reporting a big jump in earnings for the first half of this year, but the mood at family-controlled News Corp, Cargill and Bombardier will likely be subdued due to poor results.

June 1, 2012

It’s been a week of big changes in family businesses, with Hermes announcing a new chief executive, Fiat Industrial proposing a merger with CNH and Bombardier hinting at a possible listing in New York.

It’s been a week of big changes in family businesses, with Hermes announcing a new chief executive, Fiat Industrial proposing a merger with CNH and Bombardier hinting at a possible listing in New York. 

Fiat Industrial, controlled by the Italian Agnelli family, said on 30 May that it wanted to “simplify the existing shareholding structure”, merging with CNH and listing the new company in New York, with a secondary listing in Europe. Fiat Industrial is currently headquartered in Turin.

May 15, 2012

From Campari to Ferragamo, a number of family businesses across the world have seen their revenues grow during the first quarter of the year, while Canadian train and plane maker Bombardier has seen its sales nosedive. 

From Campari to Ferragamo, a number of family businesses across the world have seen their revenues grow during the first quarter of the year, while Canadian train and plane maker Bombardier has seen its sales nosedive.

In Italy, drinks company Campari, which is controlled by the Garavoglia family, said on 15 May that sales increased by 4% to €279.3 million during the first three months of 2012. Pre-tax profit at the Milan-based group also rose by 4.6% to €52.8 million during the quarter.

June 15, 2011

Family businesses are alive and well in the US, with the top 100 generating approximately $1.6 trillion to America’s $14.6 trillion GDP in 2010. Just under half of the top 100 are owned outright by the family, a higher proportion than in Europe, where Campden’s top 100 family business for the region found that less than a third were fully controlled by the family.

Family businesses are alive and well in the US, with the top 100 generating approximately $1.6 trillion to America’s $14.6 trillion GDP in 2010. Just under half of the top 100 are owned outright by the family, a higher proportion than in Europe, where Campden’s top 100 family business for the region found that less than a third were fully controlled by the family.

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