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19/10/2001
Rolls-Royce axe 5,000 jobs worldwide
Aero-engine manufacturer Rolls Royce has announced the loss of 5,000 jobs as the company attempts to deal with a fall in demand throughout the aviation industry.
Roll-Royce is cutting back almost 10 per cent of its workforce and there will be 3,800 jobs axed at the firm’s UK plants including around 1,900 at the Derby plant.
In response to the aftermath of the terrorist attacks on the US, Rolls Royce announced a further rationalisation provision totalling £200 million.
John Rose, Chief Executive of Rolls-Royce, said: "Following the tragic events of 11 September, we have undertaken an assessment of their likely impact on our business.
"We expect difficult market conditions for civil aerospace in 2002 and 2003 and we are taking the necessary actions required to resize overheads and to align cost and capacity with demand. Regrettably this will have an impact on employment in the company and its supply base.
"We will benefit from our broad business base, strong market positions and the steps already taken through the rationalisation programme announced in August 2000. Our longer term view is underpinned by our success in the market."
Rolls-Royce indicated that earnings in the 2001 were expected to be unchanged. However, the company issued a revised forecast for 2002 which anticipated a reduction in civil engine requirements by 30 per cent.
The company said that net debt in 2002 was estimated to be of the same order as that of 2000. (SP)
Roll-Royce is cutting back almost 10 per cent of its workforce and there will be 3,800 jobs axed at the firm’s UK plants including around 1,900 at the Derby plant.
In response to the aftermath of the terrorist attacks on the US, Rolls Royce announced a further rationalisation provision totalling £200 million.
John Rose, Chief Executive of Rolls-Royce, said: "Following the tragic events of 11 September, we have undertaken an assessment of their likely impact on our business.
"We expect difficult market conditions for civil aerospace in 2002 and 2003 and we are taking the necessary actions required to resize overheads and to align cost and capacity with demand. Regrettably this will have an impact on employment in the company and its supply base.
"We will benefit from our broad business base, strong market positions and the steps already taken through the rationalisation programme announced in August 2000. Our longer term view is underpinned by our success in the market."
Rolls-Royce indicated that earnings in the 2001 were expected to be unchanged. However, the company issued a revised forecast for 2002 which anticipated a reduction in civil engine requirements by 30 per cent.
The company said that net debt in 2002 was estimated to be of the same order as that of 2000. (SP)
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