Bombardier to Cut 1,000 Jobs as Learjet 85 Work Halted
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Bombardier Inc. tumbled the most in at least 26 years after moving to cut about 1,000 jobs and book $1.4 billion in pretax fourth-quarter costs as it halts work on the Learjet 85 business aircraft.
The dismissals will take place in Kansas and Mexico, and result in severance expense of $25 million this quarter, said Bombardier, which didn’t predict when the Learjet 85 program will resume. Profit in the aerospace and trainmaking units for 2014 will fall short of previously announced targets.