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.
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.”
“The company would also cut the costs across plant, property, and other areas,” the statement added.
