Canadian Flight Training Firm Cuts 10 Percent
MONTREAL (AP) ¿ The Canadian flight training company CAE Inc. is slashing 700 jobs, or 10 percent of its work force, in anticipation of a drop-off in orders from the civil aviation sector.
CAE says Thursday the cuts will include 600 positions at its Montreal operations. It hopes the moves will save it about 15 million Canadian dollars (US$12.7 million) a year.
About 380 employees will be cut in the next few weeks and the rest in the fall. About 70 management positions are included in the cuts.
CAE says it sees falling orders as the economic downturn affects the aviation industry. CAE also supplies aircraft simulators.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV