Jet engine maker Rolls-Royce said Tuesday it’s cutting up to 2,500 jobs globally as part of a corporate overhaul that its new CEO is carrying out.
The aerospace company was hit hard by the COVID-19 pandemic that decimated demand for air travel. Tufan Erginbilgic, who took over as chief executive in January, said the layoffs are aimed at making Rolls-Royce “more streamlined and efficient.”
Rolls-Royce, based in Derby, central England, didn’t disclose where jobs will be cut, but around half of its 42,000-person workforce is based in the United Kingdom.
The cuts will remove duplication and bring cost efficiencies in the latest stage of its “multi-year transformation,” the company said.