Rolls-Royce is the world’s biggest maker of jet engines.On Monday, the company announced 400 job cuts in its marine division to shore up confidence in a diversification strategy being challenged by investors.
The Chief Executive Warren East, as a part of an operational review, announced the job cuts decision with an aim of marine restructuring. This restructuring will be to strip out management layers and rebase costs in a business heavily dependent on an oil and gas industry struggling with low oil prices. News reports said that Mr East might argue regarding the increased investment in technology in this division as soon as the marine business has stabilised.
The Scandinavian countries, the marine operations’ centre of gravity, are relatively high at cost. Therefore, there are long-term plans to shift the marine operations’ towards Asia. The vision will be set out by the end of this November.
However, Rolls-Royce spokesman Richard Wray declined to comment on Marine Restructuring.
Source: Reuters
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