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Rolls-Royce, the British maker of plane engines, said Wednesday it will cut at least 9,000 jobs and slash costs elsewhere, as the coronavirus slams the aviation sector.<\/p>\n
\u201cThis is not a crisis of our making. But it is the crisis that we face and we must deal with it,\u201d chief executive Warren East said in a statement announcing that Rolls would cut nearly one-fifth of its global workforce.<\/p>\n
\u201cOur airline customers and airframe partners are having to adapt and so must we.\u201d<\/p>\n
Rolls said it expected \u201cthe loss of at least 9,000 roles\u201d from a global workforce of 52,000 and would also cut \u201cexpenditure across plant and property, capital and other indirect cost areas\u201d.<\/p>\n
The measures would hand the company annual savings of more than \u00a31.3 billion ($1.6 billion, 1.4 billion euros).<\/p>\n
The restructuring will meanwhile cost Rolls about \u00a3800 million.<\/p>\n
Rolls said the restructuring would predominantly affect its civil aerospace business.<\/p>\n
\u201cOur 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,\u201d it added.<\/p>\n
Rolls has already spent the past two years cutting thousands of management roles following weak demand for its power systems used by the marine industry.<\/p>\n
\u201cThe restructuring announced on 14 June 2018 will transition into this wider proposed reorganization,\u201d Rolls said Wednesday.<\/p>\n
\u201cFocused predominantly on reducing the complexity of our support and management functions, the program has substantially delivered on its objectives.\u201d<\/p>\n
The new cull comes as global air travel remains virtually non-existent, even as governments start to ease their lockdowns.<\/p>\n
With planes grounded worldwide, airlines are slashing thousands of jobs.<\/p>\n
\u201cBeing told that there is no longer a job for you is a terrible prospect,\u201d East added on Wednesday.<\/p>\n
\u201cBut we must take difficult decisions to see our business through these unprecedented times.\u201d<\/p>\n