Rolls-Royce continues transformation of Marine business

The company's transformation will build on a series of cost reduction initiatives carried out over the past two years. Focus will be on improving competitiveness by reducing corporate and administrative costs with most of the early savings being reinvested in increased R&D activity. The number of employees will be reduced by up to 400 worldwide by the end of next year, in addition to the reduction of 600 employees previously announced in May, which was also driven by the impact of the low price of oil and subsequent fall in orders. “Reducing our workforce is never an easy decision, but the continued weak oil price, and the need to become more competitive, means it is necessary, if we are to build a strong base from which we can successfully grow this business in the future,” said Mikael Makinen, Rolls-Royce, President – Marine.