MDA laid off 2.5% of their workforce across Canada on the 19th of July 2018. A number of staff have also been given 3 months working notice.
100% cost cutting to service debts from buying DigitalGlobe last year as the layoffs were exclusively senior staff members some with over 20 years continuous service.
Their predecessor in Brampton, Spar Aerospace, was filled with garbage, parasites and UK imports from failed defense contractors like Litton Systems Canada, major factors in the demise of Spar.
Pure garbage, mostly paper-pushing and other make-work junk. A few obnoxious brown-nosers and Comic-Con geeks with the remainder sullen and wishing they elsewhere.
They are dusting off the 80s-design robotic arms for Trump's Moon Base Refurb.
Despite the "space" moniker much of the work is documentation or process-related dreck, which have little relevance outside this company and will severely limit your future career options. Very dated and very old-school, with a lot of deadwood and a lot of bloat.
Workers in Brampton or Vancouver face horrific commutes, insane housing prices, and marginal job security and low pay. Dettwiler will not permit remote work.
The pay is far below average, and the cost of housing in the Brampton and Vancouver area is astronomical. They cannot find competent workers, and have lowered the bar in order to put stiffs in their empty cubes. Shocking some of the known industry mediocrities and backsliders that they have brought in to senior positions.
The Empty Suit at the top is still grinning.
When Digitalglobe bought MDA, we had $850 million dollars on our sheets.
Now that Maxar is selling us off - the question arises as to what happened to the aforesaid money, eh ??????
Recently MAXAR sold MDA back to a private equity group. I would expect this private equity group will be wanting to squeeze every dollar out of their investment and that cost-cutting and layoffs will be coming.
More bad news. More layoffs. The dissolving of MDA and transfer of technology to US-based space corporations continues. Time to reprint those $5 CDN bills.
So now that the stock is $10.22 is all the pain baked into the shares or is there more bad news ahead?