Britain's Rolls-Royce is slashing 4600 jobs

Rolls-Royce to cut 4,600 jobs mainly in Britain

- 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.

Rolls-Royce said last month that its moves would mainly affect middle management and back-office staff in the company's human resources, finance, IT, legal and marketing departments.

Around a third of the roles are expected to leave by the end of the year, with the company saying the programme will gather "further momentum" through 2019, with full implementation of headcount reductions and the structural overhaul by mid-2020.

"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.

Rolls said its group-wide revamp will see it shift away from operating with "overlapping activities between individual business units and a large corporate centre".

The cuts will result in annual cost savings of about £300 million (Dh1.48 billion) to £400m, said the sources, who asked not to be named discussing information that isn't public.

Rolls-Royce American depositary receipts pared their decline after Bloomberg reported on details of the plan.

The job cuts come at a time when Rolls Royce is already facing issues with a few versions of the Trent 1000 engine which powers the Boeing 787 Dreamliner jet.

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Before the latest issues, it had expected a £340m hit for this year to cover the cost of carrying out repairs on existing engines.

"We are proposing the creation of a much more streamlined organisation".

"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 £1bn by around 2020".

It launched six new civil engines including the world's fastest-ever selling civil large engine, the Trent XWB and most recently the Pearl 15 for the business aviation market.

East conceded that the timing of the cuts while the company is trying to fix the Trent 1000 problems was "incongruous".

Rolls-Royce has 55,000 employees worldwide of which 26,000 are in Britain.

Chief Executive Warren East said: "Our world-leading technology gives Rolls-Royce the potential to generate significant profitable growth". The latest cuts follow a previous removal of around 5,000 roles which followed a series of profit warnings in 2014.

"Rolls-Royce continues to invest in its United Kingdom operations, most recently with an additional £150m in a new large engine test-bed facility in Derby, positioning it to grow further and support increased engine production to deliver on its record order book".

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