Engineering company Rolls-Royce unveiled plans to cut 4,600 jobs, mainly in the UK, as part of its business restructuring.
The company informed that the changes would take place over the next 24 months, affecting mainly managerial and administrative roles in UK.
“Around a third of these roles are expected to leave by the end of 2018. The programme is expected to gain further momentum through 2019, with full implementation of headcount reductions and structural changes by mid-2020,” the company said.
The company’s proposed restructuring is set to deliver improved returns, higher margins and increased cash flow.
The move comes on the back of Rolls-Royce’s plan, unveiled in January, to simplify the group into three customer-focused business units.
“We have made progress in improving our day-to-day operations and strengthening our leadership, and are now turning to reduce the complexity that often slows us down and leads to duplication of effort. It is never an easy decision to reduce our workforce, but we must create a commercial organisation that is as world-leading as our technologies. To do this we are fundamentally changing how we work,” Warren East, Chief Executive, said.