Bombardier Reduces Production of Sea-Doo Watercraft.VALCOURT, QUEBEC--(BUSINESS WIRE)--Aug. 20, 1997--BOMBARDIER (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME:BBD BBD In currencies, this is the abbreviation for the Barbados Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. .A, ME,TSE:BBD.B ) Bombardier Motorized mo·tor·ize tr.v. mo·tor·ized, mo·tor·iz·ing, mo·tor·iz·es 1. To equip with a motor. 2. To supply with motor-driven vehicles. 3. To provide with automobiles. Consumer Products today announced that it will reduce the production of its Sea-Doo(1) watercraft manufactured in Valcourt, Quebec Valcourt is a small town in southern Quebec, Canada. It is located about 130km from Montreal and is where Bombardier, the first snowmobile manufacturer, was founded in 1942. , for the 1998 season. During the months of June and July, total retail sales of watercraft decreased substantially in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . As a result, manufacturers will have high inventories left over for the next season. Bombardier's decision to reduce its production is aimed at reestablishing some balance between supply and demand in the market during the 1998 season. The Motorized Consumer Products Group is determined to maintain its leadership position and, to this end, will continue to invest in the development of its products and markets. Several actions will be taken as a result of this decision: - the Ski-Doo(1) snowmobiles and the Sea-Doo watercraft will now be produced consecutively rather than concurrently, as is the case presently; - in mid-November, when the production of snowmobiles will be completed, 850 permanent employees will be temporarily laid off. They will be progressively called back to work between March and May 1998; - the administrative, professional and technical staff, in Valcourt as well as in other locations of the Marine Products Division, will also be affected. Staff reductions of up to 15 percent of the 1,735 current employees will take place in the next few weeks. Several options will then be offered to these employees: relocation to other sectors of activities of Bombardier, lay-off with recall rights or severance pay Severance Pay Compensation that an employer gives to someone who is about to lose their job. Notes: Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. . A committee on reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. will be set up in order to help laid-off employees in their search for new employment. Furthermore, Bombardier Motorized Consumer Products had to revise its decision, announced last March, to turn the Saint-Antoine-de- Tilly plant into a producer of major fiberglass components. Because of the reduced requirements for these components, the Group will no longer need these capabilities. The 150 people presently waiting to be recalled will receive severance pay. Moreover, the committee on employee reclassification set up following the announcement of the change of vocation of the plant will continue to help the workers in their search for employment. The growth in the watercraft and snowmobile snowmobile, vehicle designed to travel over snow, ice, and similar surfaces that offer limited traction and weight-supporting capability. As the performance of the vehicle depends to a large extent on keeping its weight as low as possible, there is no enclosure for markets as well as the significant market share gains of Bombardier products have resulted in rapid expansion of the Motorized Consumer Products Group and the addition of 2,350 new employees in Quebec alone, between 1990 and 1997. While continuing to count on the prospects of Ski-Doo snowmobile and Sea-Doo watercraft markets, the Group is also pursuing the development of new markets and new products, such as the NEV NEV Nevada (old style US postal abbreviation) NEV Neighborhood Electric Vehicle NEV Nevis, Leeward Islands, Saint Kitts And Nevis (Airport Code) NEV Network Enhancement Vehicle NEV Network Event Viewer (1), a neighborhood electric vehicle “NEV” redirects here. For other uses, see NEV (disambiguation). A Neighborhood Electric Vehicle (NEV) is an American term for a speed limited battery electric vehicle (25-35 miles per hour in the U.S.A. launched last year. Other development projects are under review and in some cases could lead to new initatives in the near future. Bombardier's Motorized Consumer Products Group employs a total of 6,250 people, of which 3,550 people work at its Quebec facilities in Valcourt, Sherbrooke and Saint-Antoine-de-Tilly. The Group comprises the Snowmobile Division and the Marine Products Division, which produce Ski-Doo and Lynx(1) snowmobiles, Sea-Doo watercraft, Sea-Doo jet boats and Celebrity(1) boats; the NEV Division, which produces neighborhood electric vehicles and subsidiary Bombardier-Rotax GmbH of Gunskirchen, Austria, which produces Rotax(1) engines for Bombardier snowmobiles, personal watercraft personal watercraft n. 1. A motorized recreational water vehicle normally ridden by straddling a seat. 2. (used with a pl. verb) Such water vehicles considered as a group. and jet boats, as well as for motorcycles, small aircraft, ultra-light aircraft and various industrial applications. Bombardier Inc. is a Canadian corporation engaged in design, development, manufacturing and marketing activities in the fields of transportation equipment, aerospace, and motorized consumer products. It also provides financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. as well as services related to its products and core competencies. The Montreal-based Corporation operates plants in Canada, the United States, Mexico, Austria, Belgium, Finland, France, Germany and the United Kingdom, employing 41,000 people. Bombardier's revenues for its last fiscal year ended January 31, 1997 totaled 8 billion Canadian dollars, and more than 85 percent of its revenues are generated in markets outside Canada. (1) Trademarks of Bombardier Inc. and/or affiliates CONTACT: Bombardier Motorized Consumer Products Marc Pelletier, 514/532-5040 http://www.bombardier.com |
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