Canada's Bombardier said Friday it was cutting around 7,500 jobs by the end of 2018 as the aircraft and train manufacturer tries to cut costs and boost productivity as part of a turnaround plan.

"The actions announced today will ensure we have the right cost structure, workforce and organization to compete and win in the future," chief executive Alain Bellemare said in a statement about the measures that aim to produce $300 million in recurring savings.