Canadian aircraft maker Bombardier announced plans to cut 5,000 jobs as part of an effort to streamline operations and reduce costs.

Bombardier said the jobs will be eliminated over the next 12 to 18 months and will save the company about $250 million a year by 2021. The Montreal-based company has nearly 70,000 employees worldwide.

The job cuts will come mostly from the company's engineering and management ranks.

Bombardier disclosed the cuts as part of its third-quarter earnings report. The company said profits rose 48% compared to a year earlier, and for next year, it expects growth of 10% in revenue growth and 20% in profit growth.

The company is also selling some units it described as "non-core."

Bombardier will sell its Q Series turbo-prop aircraft program and its de Havilland trademark to Longview Aviation Capital Corp. for $300 million.

De Havilland is one of the oldest brands in commercial aviation. Its founder Sir Geoffrey de Havilland built his first airplane -- which crashed -- in 1909, just six years after the Wright Brothers' first flight at Kitty Hawk, according to the de Havilland Museum.

The plane was rebuilt and de Havilland flew it successfully the following year. He went on to provide planes to the British during World War I, and formed an aircraft company bearing his name in 1920. Bombardier bought the company's Canadian unit, and the name, in 1992.

Bombardier is also selling a unit that provides flight and technical training for business aircraft to Canadian manufacturer CAE for $800 million.

Net proceeds from the two sales are expected to bring in about $900 million.

"With our heavy investment cycle now completed, we continue to make solid progress executing our turnaround plan," said CEO Alain Bellemare. "With today's announcements we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio." (CNN)

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