Bombardier cutting 5,000 jobs

Posted November 8, 2018 9:33 a.m. EST

— Canadian aircraft maker Bombardier announced plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.

The company said the jobs will be eliminated over the next 12 to 18 months and save the company about $250 million a year by 2021. The Montreal-based company has nearly 70,000 employees worldwide.

The cuts were disclosed along with its third-quarter earnings. The company said profits rose 48% compared to a year earlier. It said its outlook is for 10% revenue growth and 20% profit growth next year.

This is a developing story and will be updated.