The British engineering firm Rolls-Royce has announced it is to cut 4,600 jobs or 8% of the staff as part of a major restructuring of its business. One third of the cuts will be realized by the end of 2018.
The redundancies and other restructuring costs are expected to hit £500m, but will enable the company to save 400 million pounds ($536 million) a year by the end of 2020. Most of the cuts will take place in the UK, where 26,000 of the 55,000 employees of Rolls-royce are working.
Rolls-Royce shares advanced 2.8% to 852p in early trading in London on Thursday.