World News | Rolls-Royce Cutting Up to 2,500 Jobs in Overhaul of UK Jet Engine Maker
Get latest articles and stories on World at LatestLY. Jet engine maker Rolls-Royce said Tuesday it's cutting up to 2,500 jobs globally as part of a corporate overhaul that its new CEO is carrying out.
London, Oct 17 (AP) Jet engine maker Rolls-Royce said Tuesday it's cutting up to 2,500 jobs globally as part of a corporate overhaul that its new CEO is carrying out.
The aerospace company was hit hard by the COVID-19 pandemic that decimated demand for air travel. Tufan Erginbilgic, who took over as chief executive in January, said the layoffs are aimed at making Rolls-Royce "more streamlined and efficient".
Also Read | Israel-Hamas War: No Gaza Strip Ceasefire Yet, Says Israeli Military.
Rolls-Royce, based in Derby, central England, didn't disclose where jobs will be cut, but around half of its 42,000-person workforce is based in the United Kingdom.
The cuts will remove duplication and bring cost efficiencies in the latest stage of its "multi-year transformation", the company said.
“We are building a Rolls-Royce that is fit for the future," Erginbilgic said.
The company slashed 9,000 jobs globally in 2020 as it grappled with the collapse of air travel during the pandemic.
The new turnaround plan also includes creating a new company-wide procurement division that can take advantage of Rolls-Royce's size to cut costs and reduce supply chain delays. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)