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6/14, 8:23 AM (Source: TeleTrader.com)
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Rolls-Royce to eliminate over 8% of jobs

Rolls-Royce Holdings Plc announced a plan on Thursday for fundamental restructuring which it said would cost it £500 million. The engineering company, which this week acknowledged another issue with one of its main products, revealed it would downsize the workforce by 4,600 people or more than 8% in the next two years. Trent 1000 engines are used in Boeing's airplanes.

The job cuts will mostly be borne by facilities in the United Kingdom, where a third of corporate and support positions would be eliminated, the company's representatives said. They added the overhaul should save £400 million per year by 2020.

Breaking the News / IT