Nov. 4, 2014, 10:21 AM
- After issuing a major profit warning nearly three weeks ago, Rolls-Royce (OTCPK:RYCEY +1.7%) now says it will cut 2,600 jobs over the next 18 months in a battle to reduce costs.
- The layoffs will mainly come from the company's aerospace division, costing £120M pounds ($192M) over the next two years, before reducing spend by around £80M once the changes have been fully implemented.
- Rolls-Royce has also promoted David Smith from aerospace finance director to become the group's CFO, replacing Mark Morris who leaves after 27 years.
Oct. 17, 2014, 7:50 AM
- Shares of Rolls-Royce (OTCPK:RYCEY, OTC:RRCEF) are in a deep dive in London trading after the company issued a profit warning.
- A revenue decline of 3.5% to 4.0% is now forecast for the year compared to the flat growth guidance issued by Rolls-Royce just a few months ago.
- Trade sanctions made against Russia have been a factor this year.
Dec. 6, 2012, 4:00 AM
Rolls-Royce (RRCEF.PK) -3.2% in London after saying a company review has "identified matters of concern" in its business dealings in China, Indonesia and other markets. Rolls has passed its findings to the U.K.'s Serious Fraud Office, which had made a request for information about allegations of malpractice in Indonesia and China. The company will now appoint an independent auditor to look at its anti-corruption procedures. (PR)| Dec. 6, 2012, 4:00 AM