Bombardier is set to sell Q Series aircraft programme. Credit: Bombardier.

Bombardier has unveiled its plan to cut around 5,000 jobs worldwide over the next 12 to 18 months in order to streamline its operations under a wider restructuring scheme.

The company is expected to carry out more than half the cuts at its base in Canada.

According to Bombardier, 2,500 and 500 positions will be eliminated in the Canadian province of Quebec and Ontario, respectively. The cuts will mostly affect the company’s aerospace and rail divisions.

The proposed cut represents nearly 7% of the company’s global staff and is expected to help the company save $250m per annum.

“With today’s announcements, we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio.”

Bombardier currently employs 70,000 people worldwide and has production and engineering sites in 28 countries.

In addition, Bombardier is set to sell two of its non-core assets, including Q Series programme, and Business Aircraft’s flight and technical training activities.

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The company has already signed a definitive agreement to sell the Q Series aircraft programme and de Havilland trademark to a wholly owned subsidiary of Longview Aviation Capital for $300m.

A deal has also been signed with CAE for the sale of Bombardier Business Aircraft’s flight and technical training activities for nearly $800m.

Bombardier CEO and president Alain Bellemare said: “With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan.

“With today’s announcements, we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio.

“During the earnings and cash flow building phase of our turnaround, we will continue to be proactive in focusing and streamlining the organisation, and disciplined in the allocation of capital.”

In July, Bombardier divested a majority stake in its struggling C-Series aircraft programme to Airbus.