Rolls-Royce Holdings Plc has revealed plans to reduce its workforce by 2,000 to 2,500 positions, which constitutes about 6 per cent of its total number of employees.
The engineering company announced the significant restructuring plan to "improve operational efficiency" across its global operations.
Chief executive Tufan Erginbilgic said the move aims to create a “more streamlined and efficient” organisation.
The plan includes the integration of engineering technology and safety businesses, as well as the closer alignment of finance, legal and human resources functions across the group.
It is expected to lead to improvements in procurement and supply chain management processes.
There will also be alterations within the executive team.
Chief technology officer Grazia Vittadini is set to leave her position in April. She joined the company in November 2021, coming from Airbus SE.
Industry analysts, such as Nick Cunningham of Agency Partners, have identified the changes as crucial for Rolls-Royce to manage costs more effectively, allowing for improved revenue and cash flow. “All this seems pretty obvious and it is surprising this hadn’t already been done,” he said.
Rolls-Royce's stock prices increased by up to 2.3 per cent in London trading shortly after the restructuring announcement. Also thought to be a factor is the rebound in long-distance air travel following pandemic lows leading to increased demand in the large aircraft engine sector, in which Rolls-Royce is a major player.
The locations and details regarding the job cuts have yet to be specified although a substantial proportion of Rolls-Royce's workforce is in the UK.
The reductions are the latest in a succession of restructuring efforts by the company in the past decade, aimed at improving competitiveness and resilience in the aerospace and engineering industries.
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