Bombardier Announces Temporary Suspension of Work at its Canadian Operations; Suspends 2020 Financial Guidance
MONTREAL, March 24, 2020 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today announced that in support of the recent mandates from the Governments of Quebec and Ontario to help slow the spread of the COVID-19 pandemic, it will suspend all non-essential work at most of its Canadian based operations starting this evening at 11:59 pm until April 26, 2020, inclusively. This suspension includes Bombardier’s aircraft and rail production activities in the provinces of Quebec and Ontario.
Employees impacted by these temporary shutdowns will be placed on furlough, as will corporate office employees whose support functions are less critical in the short-term. During this furlough period, Bombardier’s CEO and senior leadership team will forgo their pay, and the Chairman and members of Bombardier’s Board of Directors have agreed to forgo board compensation for the remainder of 2020. Bombardier is also suspending its 2020 financial outlook as it evaluates the impact of temporarily closing its Canadian operations, as well as other actions being taken in response to the COVID-19 pandemic. “Since the corona virus outbreak, the company has been focused on keeping our employees safe, serving our customers to the best of our ability during these difficult times and taking the necessary actions to protect our business for the long term,” said Pierre Beaudoin, Chairman of the Board of Directors, Bombardier Inc. “In addition to the actions announced today, Bombardier has cut all discretionary spending, is continuing the work on closing the previously announced transactions and is pursuing additional measures to enhance liquidity.”About Bombardier
With over 60,000 employees across two business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.
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