The ongoing pandemic has made bombardier to embark on suspension of work at its Canadian Operations, and this decision was taken to lessen the spread of the pandemic in line with the mandate from the Governments of Quebec and Ontario .The action taken on suspension of all less-pivotal work,aircraft and rail productions activities at its Canadian based operations began on the 24th of March and it will extend till 26th of April,2020.
It has been taken into consideration that the temporary shut down will affect its employee,the boards and everyone in the organization,and so the affected employees have been said to be placed on furlough,also the corporate office employees whose work and functions are minimal in the short term. Members of the board of directors,The Chairman,The CEO have agreed to forgo the board compensation for the remainder of 2020,senior leadership team has been said to forgo their pay for this period.
Part of the steps taken in the light of Covid-19 pandemic is the suspension of the 2020 financial outlook as its considers the temporary closing of its Canadian operations in response to COVID-19.
The Chairman of Boards of Directors,Pierre Beaudoin said in his words “Since the corona virus outbreak,the company has been focused on keeping our employee 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,the company has also cut all discretionary spending ,also embarks on closing the previously announced transactions and is pursuing additional measures to enhances liquidity”.
Bombardier trades its shares on the Toronto stock exchange (BBD), the revenue was said to be $15.8 billion in the fiscal year ended December 31,2019.
Bombardier, operates transportation industry that has over 60,000 employees across two business segments,creating innovative and game-changing planes and trains.It provides world class experiences in transportation that set new standards in energy efficient,reliability,passenger comfort and safety. Bombardier has its headquarters in Montreal,Canada, with its production and engineering sites in over 25 countries across the segments of Aviation and Transportation.