(Bloomberg) -- Bombardier Inc. plans to cut about 5,000 jobs while selling its turboprop unit and a training business as Chief Executive Officer Alain Bellemare extends a far-reaching turnaround drive at Canada’s biggest aerospace company.

Net proceeds from the asset sales will be about $900 million, Bombardier said in a statement Thursday. The employment reduction, Bellemare’s third since taking the reins at the debt-laden company in 2015, will yield annual savings of about $250 million by 2021 while also prompting a charge of a comparable amount next year.

Bombardier is working off $9.5 billion in adjusted debt incurred as the company poured money into aircraft-development programs that were plagued with delays and cost overruns. The Global 7500 private aircraft is set to debut next month, marking the end of the company’s heavy investment cycle. Bombardier ceded control of the C Series passenger plane in July to Airbus SE, which renamed it the A220.

“With today’s announcements we have set in motion the next round of actions necessary to unleash the full potential of the Bombardier portfolio,” Bellemare said in the statement.

The CEO probably isn’t done remaking the company. Bombardier said it will “explore strategic options” for its CRJ regional-jet program. The company’s focus is on reducing cost and increasing volumes while optimizing aftermarket revenue for about 1,500 CRJs in service globally.

The Montreal-based manufacturer will sell its Q Series turboprop program and de Havilland trademark to a wholly owned subsidiary of Canada’s Longview Aviation Capital Corp. CAE Inc. will buy Bombardier’s business-jet flight and technical training activities.

Bombardier, which also makes trains, had about 65,000 employees as of the end of last year.

To contact the reporter on this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net

To contact the editors responsible for this story: Brendan Case at bcase4@bloomberg.net, Christopher Jasper

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