UK-based engineering company Rolls-Royce has announced plans to layoff 9,000 employees from its 52,000 global workforces that would predominantly come from Rolls-Royce’s civil aerospace business.
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In a statement issued, the company said, “The layoff would help the company to make the annual cost savings of 1.3 billion pounds ($1.59 billion), with the cash restructuring cost of around 800 million pounds.”
Speaking on the development, Rolls-Royce CEO Warren East said, “We have to reduce our cost base and adapt to the new world, matching our capacity with expected demand.”
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“The company would also cut the costs across plant, property, and other areas,” the statement added.
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