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15/10/2001
Rolls-Royce poised to axe jobs
Aero-engine manufacturer Rolls-Royce is feared to be about to announce radical jobs cuts this week as a knock-on effect of the downturn in the commercial aviation industry.
Concern is growing that the massive reductions in the aircraft manufacturing sector worldwide is feeding through to the major component providers such as engine manufacturers.
Rolls-Royce is thought to be preparing to issue a profits warning as orders for aircraft parts are slashed following reduced demand for new aircraft as airlines cut back on services and delay orders for new aircraft.
Several Sunday papers reported that up to 3,500 jobs are on the line at Rolls-Royce’s Derby plant that employs some 14,000 workers.
Last year Rolls-Royce unveiled a £150 million restructuring plan which aimed to address a fall in profits that has continued into the first half of this year.
In October this year analysts cut profits forecasts for Rolls-Royce by around a third.
US giant Boeing is also expected to issue a profits warning later this week and the company has already announced the loss of 12,000 jobs by December. (SP)
Concern is growing that the massive reductions in the aircraft manufacturing sector worldwide is feeding through to the major component providers such as engine manufacturers.
Rolls-Royce is thought to be preparing to issue a profits warning as orders for aircraft parts are slashed following reduced demand for new aircraft as airlines cut back on services and delay orders for new aircraft.
Several Sunday papers reported that up to 3,500 jobs are on the line at Rolls-Royce’s Derby plant that employs some 14,000 workers.
Last year Rolls-Royce unveiled a £150 million restructuring plan which aimed to address a fall in profits that has continued into the first half of this year.
In October this year analysts cut profits forecasts for Rolls-Royce by around a third.
US giant Boeing is also expected to issue a profits warning later this week and the company has already announced the loss of 12,000 jobs by December. (SP)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
