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    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

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    The Home Minister confidently reiterates that the country will be free from Naxalism by March 31, 2026

    Shivraj Singh Chouhan reviews ICAR-Central Institute of Agricultural Engineering in Bhopal

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Install CCTV Cameras at K.R. Market: Suralakar Vikas Kishor

    Rumi- The Spirit of Awadh Pioneers Transit Media to Promote “Dastan-e-Aam” Featuring Renowned Dastango Dr. Himanshu Bajpai

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    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

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    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

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    “By uniting our talent and expertise, we can drive progress toward a more climate-resilient and healthier future.” -Dr M.C. Sudhakar,  Minister for Higher Education, GoK.

  • Auto

    Force Motors along with BMW Group India Celebrates the Roll-Out of its 100,000th engine from the Chennai Plant

    Clara Luciani, Kavinsky & Please Join the Line-Up of Renault’s festiv4L

    -“The addition of the Montra Electric SUPER CARGO to our product portfolio marks an exciting new chapter of growth for us in the last-mile delivery segment”.–Mr. Jalaj Gupta, MD, TI Clean Mobility Private Limited 

    Maruti Suzuki Grand Vitara becomes the fastest SUV to clock 3 Lakh sales in its segment*

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    PVL Season 4 Auction: Bengaluru Torpedoes pick up Jishnu PV for a whopping 14 lakh

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    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

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    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

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  • Lifestyle
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    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    Ethiopian Airlines Strengthens India Network with Launch of Hyderabad Route

    Titan Unveils Bold New Collection with Sobhita Dhulipala

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ROLLS-ROYCE TO CUT 9,000 JOBS TO ADDRESS MEDIUM-TERM IMPACT OF COVID-19

by FWM
May 20, 2020
in Business
0

20 May 2020

The impact of COVID-19 on Rolls-Royce and the whole of the aviation industry is unprecedented. We have already taken action to strengthen the financial resilience of our business and reduce our cash expenditure in 2020. It is, however, increasingly clear that activity in the commercial aerospace market will take several years to return to the levels seen just a few months ago. We must now address these medium-term structural changes, as demand from customers reduces significantly for our civil aerospace engines and aftermarket services.

Warren East, Rolls-Royce, CEO said: “This is not a crisis of our making. But it is the crisis that we face and we must deal with it. Our airline customers and airframe partners are having to adapt and so must we. Being told that there is no longer a job for you is a terrible prospect and it is especially hard when all of us take so much pride in working for Rolls-Royce. But we must take difficult decisions to see our business through these unprecedented times. Governments across the world are doing what they can to assist businesses in the short-term, but we must respond to market conditions for the medium-term until the world of aviation is flying again at scale, and governments cannot replace sustainable customer demand that is simply not there. We have to do this right, which means we will work closely with our employee and trade union representatives as appropriate, look at any viable alternatives to mitigate the impact, consult with everyone affected and treat our people with dignity and respect.”

We are proposing a major reorganisation of our business to adapt to the new level of demand we are seeing from customers. As a result, we expect the loss of at least 9,000 roles from our global workforce of 52,000. In addition to the savings generated from this headcount reduction, we will also cut expenditure across plant and property, capital and other indirect cost areas. The proposed reorganisation is expected to generate annualised savings of more than £1.3bn, of which we expect headcount to contribute around £700m. The cash restructuring costs related to these actions are likely to be around £800m, with outflows incurred across 2020 to 2022.

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The proposed reorganisation will predominantly affect our Civil Aerospace business, where we will carry out a detailed review of our facility footprint. It will also have implications for our central support functions. Our Power Systems business and ITP Aero are currently developing, negotiating and executing extensive measures to deal with the current situation. Our Defence business, based in the UK and US, has been robust during the pandemic, with an unchanged outlook, and does not need to reduce headcount. As part of the reorganisation, we will ensure that our internal Civil Aerospace supply chain continues to support our defence programmes and explore any opportunities to move people into our Defence business.

Due to the need to consult with the appropriate employee and trade union representatives, we are not providing further details of the impact of the proposed reorganisation on specific sites, or countries, at this stage. The restructuring announced on 14 June 2018 will transition into this wider proposed reorganisation. Focused predominantly on reducing the complexity of our support and management functions, the programme has substantially delivered on its objectives.

Warren East added: “The strategic choices that we have made over the last few years have helped us to respond rapidly to COVID-19 and the synergies between our divisions leave us well placed to capitalise on the long-term potential of our markets. The world on the other side of this pandemic will need the power that we generate to fuel economic recovery. I absolutely believe the call for that power to be more sustainable will be stronger than ever. This plays to our strengths. We must ensure that we are able to continue to innovate and play our leading role in enabling the vital sectors in which we operate achieve net zero carbon emissions. We have emerged from troubled times before, to achieve incredible things. We will do so again.”

Tags: Rolls-Royce

FWM

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