Canadian manufacturer Bombardier is to cut 7,000 jobs worldwide, 1,000 of which are in the UK, the company announced on Wednesday (17 February).
The aircraft and train maker is shedding more than 10% of its total workforce as part of a major restructure for 2016, which is expected to cost the company around $275m (£192m, €247m). An estimated 20% of Bombardier's staff in Northern Ireland will face redundancy.
The company is cutting jobs to save costs where possible, as it is investing in projects intended to help Bombardier enter the smaller aircraft market. The job cuts will mainly hit European and Canadian workers.
"We are engaged in a rigorous process that will increase our earnings power and cash flow generation over the next five years," Alain Bellemare, the company's chief executive and chairman, commented on the restructure. "We now have a clear plan in place and are applying disciplined execution to make Bombardier stronger."
Bombardier's new C Series jet, which carries between 110 and 135 passengers, is its main bid to enter the more profitable small aircraft market. The C Series was first launched in 2013 and suffered financial turbulence because of slow orders and high development costs. The manufacturer was even forced to take $1bn in state aide from the Canadian government.
On 17 February, however, the company announced a firm order with Air Canada. The Canadian airline ordered 75 larger C Series 300 jets, worth around $3.8bn in total.
The ramp-up of the C Series will boost jobs at Bombardier, the company said. The new positions would partially offset the job cuts but the manufacturer could not give precise numbers.