“We are proposing a major reorganization of our business to adapt to the new level of demand we are seeing from customers,” the company said in a statement on Wednesday. “As a result, we expect the loss of at least 9,000 roles from our global workforce of 52,000.”
Rolls-Royce (RYCEF) has not yet revealed where the job cuts will fall but its civil aerospace business will bear the brunt of the restructuring. It said it will take several years for the commercial aerospace market to return to the levels seen just a few months ago.
“Governments across the world are doing what they can to assist businesses in the short-term, but we must respond to market conditions for the medium-term until the world of aviation is flying again at scale, and governments cannot replace sustainable customer demand that is simply not there,” CEO Warren East said in a statement.
— This is a developing story.