Bombardier cutting 5,000 jobs

New York (CNN Business)Canadian aircraft maker Bombardier announced plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.

Bombardier said the jobs will be eliminated over the next 12 to 18 months and will save the company about $250 million a year by 2021. The Montreal-based company has nearly 70,000 employees worldwide.
The job cuts will come mostly from the company’s engineering and management ranks.

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