A big aerospace company is handing out pink slips.

FOX's Pat O'Neill has the details:

Bombardier says it plans to cut about 7,000 jobs, about 11% of its total workforce, even as it adds jobs in other areas.

Most of the jobs will be in Canada and Europe. The biggest cut, 3,200 will be in its transportation segment.

Bombardier says it's reducing production rates on some aircraft and adjusting its workforce accordingly to meet lower demand. At the same time, it plans to hire an unspecified workers for some growth areas of its business.

Bombardier says the job cuts and hiring's will take happen this year and next. It also announced a new order from Air Canada for its 75-C aircraft. That deal's worth almost $4-billion.

Pat O'Neill, FOX News.