Rolls-Royce says to axe 2,600 jobs

November 05, 2014 00:39

Rolls-Royce, the maker of aircraft engines, said today that it plans to shed 2,600 jobs, mainly at its aerospace division, over the next 18 months to cut costs.

The British company said headcount reduction was necessary following the completion of development programmes for engines used to power Boeing 787 Dreamliner and Airbus A350 passenger planes.

It also hinted in its statement at further cuts to a global workforce currently at 55,000.

The announcement to reduce staff numbers by almost five percent comes after Rolls had last month slashed its earnings forecasts partly as a result of Western trade sanctions against Russia over the Ukraine crisis.

Meanwhile in May, Rolls-Royce shocked investors when it issued a profit warning at its marine division, which has been beset by production problems. The group has been hit hard also by adverse foreign exchange movements.

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