Rolls-Royce To Reduce Around 800 Positions Worldwide - Quick Facts

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( - Rolls-Royce Holdings plc (RYCEF.PK, RR.L, RYCEY.PK) announced plans to accelerate the transformation of its Marine business as a result of continuing weakness in the maritime market. The Group said the planned measures include a further simplification of the structure of the business, with a streamlining of the senior management team, and a series of cost reduction initiatives which will result in the loss of around 800 roles worldwide and an estimated 45-50 million pounds of annualised savings from mid-2017. Costs of the restructuring are expected to be around 20 million pounds, split between 2016 and 2017.

Mikael Makinen
, Rolls-Royce, President - Marine, said: "The ongoing market weakness that has followed the dramatic fall in the price of oil continues to have an adverse impact upon our order book and profitability. We have made significant progress in transforming Marine into a far more agile and simplified business than we were and we have to take further steps to address our cost base."

Rolls-Royce said, as part of the programme, investments are also being proposed to establish an R&D centre for the development of new propulsion products, and an expanded Services hub for Northern Europe, both in Ulsteinvik, Norway.

This article appears in: News Headlines
Referenced Symbols: RYCEF , RYCEY

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