Current:Home > BackRolls-Royce is cutting up to 2,500 jobs in an overhaul of the U.K. jet engine maker-LoTradeCoin
Rolls-Royce is cutting up to 2,500 jobs in an overhaul of the U.K. jet engine maker
View Date:2024-12-23 21:12:44
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."
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.
veryGood! (487)
Related
- GM recalling big pickups and SUVs because the rear wheels can lock up, increasing risk of a crash
- Scientists Are Pursuing Flood-Resistant Crops, Thanks to Climate-Induced Heavy Rains and Other Extreme Weather
- Two US Electrical Grid Operators Claim That New Rules For Coal Ash Could Make Electricity Supplies Less Reliable
- First Republic Bank shares plummet, reigniting fears about U.S. banking sector
- FanDuel Sports Network regional channels will be available as add-on subscription on Prime Video
- In the US West, Researchers Consider a Four-Legged Tool to Fight Two Foes: Wildfire and Cheatgrass
- Inside Chrissy Teigen and John Legend's Love Story: In-N-Out Burgers and Super Sexy Photos
- Writers Guild of America goes on strike
- Jimmy Kimmel, more late-night hosts 'shocked' by Trump Cabinet picks: 'Goblins and weirdos'
- Will Kim Cattrall Play Samantha Again After And Just Like That Cameo? She Says..
Ranking
- Natural gas flares sparked 2 wildfires in North Dakota, state agency says
- Well, It's Still Pride Is Reason Enough To Buy These 25 Rainbow Things
- Amber Heard Says She Doesn't Want to Be Crucified as an Actress After Johnny Depp Trial
- NBCUniversal CEO Jeff Shell fired after CNBC anchor alleges sexual harassment
- Charles Hanover: A Summary of the UK Stock Market in 2023
- ‘Last Gasp for Coal’ Saw Illinois Plants Crank up Emission-Spewing Production Last Year
- NBC's late night talk show staff get pay and benefits during writers strike
- Nuclear Energy Industry Angles for Bigger Role in Washington State and US as Climate Change Accelerates
Recommendation
-
Will Reeve, son of Christopher Reeve, gets engaged to girlfriend Amanda Dubin
-
The U.K. blocks Microsoft's $69 billion deal to buy game giant Activision Blizzard
-
Inside Clean Energy: Batteries Got Cheaper in 2021. So How Close Are We to EVs That Cost Less than Gasoline Vehicles?
-
In Nevada’s Senate Race, Energy Policy Is a Stark Divide Between Cortez Masto and Laxalt
-
Vermont man is fit to stand trial over shooting of 3 Palestinian college students
-
A chapter ends for this historic Asian American bookstore, but its story continues
-
Financier buys Jeffrey Epstein's private islands, with plans to create a resort
-
Madewell’s Big Summer Sale: Get 60% Off Dresses, Tops, Heels, Skirts & More