=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/09/27/f= inancial1256EDT0121.DTL ---------------------------------------------------------------------- Friday, September 27, 2002 (AP) Bombardier cutting almost 2,000 jobs but will meet earnings targets (09-27) 13:49 PDT MONTREAL (AP) -- Bombardier Aerospace said Friday it was cutting almost 2,000 jobs in Canada, the United States and the United Kingdom, but expects to meet its earnings target for the year. The cuts represent about 6.5 percent of its worldwide aerospace work force. The transportation giant, known for producing the Learjet and other aircraft, said the job cuts would include 1,280 in Canada; 240 in Belfast, Northern Ireland; 210 in Tucson, Ariz.; 50 in Wichita, Kan.; and 200 in other locations. Bombardier, which employed 31,000 people in its aerospace units worldwide before the cuts, also announced temporary halts in production of aircraft in Toronto and Montreal that would affect another 1,600 workers. Friday's moves "will enhance Bombardier's financial flexibility in the context of the uncertainties of this unpredictable economic environment," such as a possible war with Iraq and financial trouble at U.S. airlines, president and chief executive Robert Brown said. "There are many events that we can't control, but we're taking action to ensure that we control our destiny and ensure that financially we're going to be able to handle events that may occur over the next three or four months," Brown said in a conference call. The company reaffirmed it expects to earn 70 Canadian cents (45 cents) a share this year. Last year, Bombardier reported earnings of 81 Canadian cents a share. Its parent company, Bombardier Inc., said last month it would miss its full-year profit target because of a slowdown in the aircraft industry. Bombardier stock gained 31 Canadian cents (20 cents) to 4.95 Canadian dollars ($3.14) Friday on the Toronto exchange. It traded at more than 20 Canadian dollars before the Sept. 11, 2001 terrorist attacks. =20 ---------------------------------------------------------------------- Copyright 2002 AP