Canada's Bombardier says it will cut 5,000 jobs

MONTREAL (AP) — Canadian plane and train maker Bombardier Inc. will shed 5,000 jobs and sell off two units as part of a five-year plan to rein in costs, focus on rail and business jets, and reduce debt.

About 2,500 Bombardier workers will be laid off in Quebec and 600 in Ontario. About 2,000 other cuts will be overseas.

The company said Thursday it will sell its Q400 turboprop aircraft program to a subsidiary of Longview Aviation Capital Corp. for about US$300 million. The company also announced the sale of its flight training business.

Bombardier previously announced about 14,500 cuts around the world in the aerospace and railway divisions.

Bombardier shares tumbled by more than 24 per cent to $2.41 in trading on the Toronto Stock Exchange due to concerns over cash flow.