Bombardier is to cut its workforce in the North by more than 1,000 over the next two years.
The Canadian-owned aerospace manufacturer said 580 jobs would be lost this year with a further 500 to go during 2017.
The move is part of an overall efficiency drive which will see 7,000 staff being axed globally.
A statement said: “We deeply regret the impact this will have on our workforce and their families, but it is crucial that we right-size our business in line with market realities.”
Bombardier is one of the North’s largest employers and supports hundreds of other jobs through its suppliers.
Unions have described the announcement as another cruel blow to the manufacturing sector, still reeling from news that factories such as JTI Gallahers and Michelin are to close.
Davy Thompson, of the Unite union, said: “While the scale of the losses reflect the severe market conditions being experienced by the group which has led to over 7,000 job losses globally, heavy manufacturers across the region continue to face challenging times. The Northern Ireland Executive needs to redouble their efforts and secure alternative employment for those highly skilled workers who will be made redundant.”
Bombardier’s annual results recorded a significant drop in revenue during the year to December 2015, down from $20.1m (€13.1m) to $18.2m. There was also a slump in pre tax profits - down by 40% to $554m.
However, the company has secured a new order for 75 of the C-series 300 jets from Air Canada.
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