Rolls-Royce confirms it's cutting 4600 jobs in bid to save £400m
Rolls-Royce confirms it's cutting 4600 jobs in bid to save £400m
Rolls-Royce to cut 4,600 jobs mainly in Britain
16 June, 2018, 20:11
A spokesman for Rolls-Royce declined to comment.
Britain's biggest union, Unite, warned Rolls-Royce against cutting "too deep and too fast".
Rolls-Royce plans to cut 4,600 jobs over the next 2 years as part of a major restructuring effort by the British plane engine manufacturer.
"While we have made important progress in supporting our customers, there is clearly more to do and we will not rest until we have ensured the engine meets the high standards our customers rightly expect, " Rolls-Royce president Chris Cholerton said.
Rolls-Royce said that the programme would cost £500m to carry out, including redundancies, but would save it £400m a year by the end of 2020.
In January he divided the company into three business units - Civil Aerospace, Defence and Power Systems - and the new restructuring is created to remove management duplication between those layers and the corporate centre.
"These changes will help us deliver over the mid and longer-term a level of free cash flow well beyond our near-term ambition of around 1 billion pounds by around 2020", Reuters quoted East as saying on Thursday, June 14. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a GBX 970 ($12.91) target price on shares of Rolls-Royce in a research note on Thursday, March 8th.
Investors will also be looking for hints that the dividend could start to grow.
The stock increased 3.11% or GBX 25.8 during the last trading session, reaching GBX 854.4. It would be reported as separate one-off costs, allowing the firm to stick to its targets for free cash flow.
"How much of this is driven by the growing Trent 1000 issues is unclear".
But it has been hit by technical issues with its engines, having uncovered durability problems with hundreds of its Package C Trent 1000 engines and earlier this month revealing further issues with a small number of its Package B Trent 1000 engines.
The company said in a May 30 update it had trebled maintenance capacity for affected engines, introduced a new inspection technique and accelerated a permanent fix for the issue. "To do this we are fundamentally changing how we work".
"When I left school in Derby in 1972 Rolls-Royce employed around 35,000 people, today it's just under 12,000, if these job losses go ahead the workforce will reduce to around 8,000", Mr Williamson said.
A closed Rolls Royce building is seen in Derby, central England, November 20, 2008.
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