Rolls-Royce denies media reports, says no plans for job reductions

Media reports had said that Rolls-Royce would cut 4,600 jobs primarily in the UK as part of a plan to simplify its business.

New Delhi: Britain`s Rolls-Royce has denied media reports on laying off employees in the company as a part of business overhaul plan.

Media reports yesterday said that the company would cut 4,600 jobs primarily in the UK as part of a plan to simplify its business and save 400 million pounds ($536 million) per year by the end of 2020.

Refuting reports, Rolls Royce said, “In light of the news emanating from Rolls-Royce plc today, and to avoid any potential confusion in the media, Rolls-Royce Motor Cars wishes to clarify that it is in excellent health and enjoying sustained global success across its model range. There are no plans for job reductions.”

A Reuters report yesterday said, “The company said the job cuts and overhaul of its business would cost it 500 million pounds and they would be spread across 2018, 2019 and 2020, and would be reported as separate one-off costs, allowing it to stick to its targets for free cash flow.”

Company's CEO Torsten Muller-Otvos,, said, “Rolls-Royce Motor Cars is the world’s leading luxury manufacturer. We are enjoying a period of sustained success, underlined by our stated long-term, sustainable growth strategy. The company is in great shape and I applaud the skilled men and women in the Rolls-Royce family at Goodwood and around the world that design, develop, hand-build and support the ‘best car in the world’.”