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Rolls-Royce to cut 2,600 jobs Rolls-Royce to cut 2,600 jobs
(35 minutes later)
Engineering group Rolls-Royce has said it is planning to cut 2,600 jobs over the next 18 months. Engineering group Rolls-Royce has said it is planning to cut 2,600 jobs over the next 18 months and says these will not be the last.
It said most of the jobs would go in its aerospace division, with most of the posts being shed in 2015.It said most of the jobs would go in its aerospace division, with most of the posts being shed in 2015.
Last month, Rolls warned that its underlying revenues for 2014 would be 3.5-to-4% lower than expected.Last month, Rolls warned that its underlying revenues for 2014 would be 3.5-to-4% lower than expected.
Announcing the job cuts, chief executive John Rishton said: "We are taking determined management action and accelerating our progress on cost." It is not clear where the cuts will be made from Rolls-Royce's global force of 55,000, 24,000 of whom are in the UK.
He added: "The measures announced today will not be the last, however they will contribute towards Rolls-Royce becoming a stronger and more profitable company." The Unite union told the BBC there would be 800-1200 engineering jobs cut in Derby and Bristol.
Announcing the job cuts, chief executive John Rishton said: "The measures announced today will not be the last, however they will contribute towards Rolls-Royce becoming a stronger and more profitable company."
He added: "We are taking determined management action and accelerating our progress on cost."
Widespread
The company's UK staff are employed at four locations in the East Midlands, as well as 1,500 at five sites in the North West and 2,400 employees at six locations across Scotland.
The two largest sites are in Bristol and Derby.
The company said it had become more efficient, and cited the fact a large engineering team, needed for the development phase of two Trent engines, were no longer needed as both these were now in production.
That would point to job losses in Derby, where the Trent engines, used by many international airlines, are built.
Rolls-Royce has customers in more than 120 countries, including more than 380 airlines and leasing firms, 160 armed forces, 4,000 marine customers including 70 navies, and 1,600 energy and nuclear customers.
The company has said that voluntary redundancy would be offered, although it could not rule out compulsory redundancies.
Rolls-Royce said the job losses would cost it £120m over the next two years, but would bring "annual cost benefits" of £80m once implemented.