Rolls-Royce Holdings PLC (RR.L) Key Developments | Reuters.com
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Rolls-Royce Holdings PLC (RR.L)

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Latest Key Developments (Source: Significant Developments)

Rolls-Royce Holdings PLC to cut more senior management positions - Reuters News
Thursday, 10 Mar 2016 07:44am EST 

Rolls-Royce Holdings PLC:Rolls-Royce, the British engineering company under pressure after consecutive profit warnings, said on Thursday it would shed more senior managers as part of its turnaround plan.The company, which makes engines used to power aeroplanes and ships, is reducing its senior manager count by 150 under plans revealed to staff on Thursday, on top of the 50 positions it has said it would cut in the last four months.Warren East, brought in as chief executive in July to help revive the company, announced a restructuring programme last November with the aim of saving between 150 million pounds and 200 million pounds a year, streamlining senior management and improving decision making.Before the restructuring started, Rolls-Royce had about 2,000 senior managers, and the review of that group is still ongoing."Our ongoing transformation programme is designed to remove complexity and reduce cost by simplifying our processes as well as our structure," a spokeswoman for the company said.  Full Article

Rolls-Royce Holdings PLC CEO to announce culling of senior managers -FT - Reuters
Thursday, 28 Jan 2016 11:02am EST 

Rolls-Royce Holdings PLC:Rolls-Royce Holdings PLC's RR.L Chief Executive will on Friday announce job cuts from his 2,000 strong senior manager team, the Financial Times reported - RTRS.Most of the "few dozen" job cuts will affect those who report directly to CEO Warren East or his main executive team, the FT reported - RTRS.Warren East faces intense pressure to reverse the fortunes of the British jet-engine maker, not only because of 4 profit warnings - RTRS.but also because U.S. activist investor ValueAct, which has amassed a 10% stake in the company, is pressing for a board seat and divestment of the company's marine engine business - RTRS.Some of Rolls-Royce's biggest investors have indicated that they would welcome ValueAct as a board member, although others remain opposed, the FT said. - RTRS.In November last year, East said it was a matter for the board to decide whether the hedge fund would be given a seat. - RTRS.San Francisco based ValueAct has been pushing the company to focus on its main aero-engine business, which contributes about half the firm's profits - RTRS.  Full Article

Rolls-Royce Holdings PLC - New CEO cuts management layer at struggling Rolls-Royce - Reuters
Wednesday, 16 Dec 2015 12:22am EST 

Rolls-Royce Holdings PLC:Rolls-Royce RR.L, the British engineering company which has issued four profit warnings in little over a year, is scrapping a layer of senior management in the first major move by new boss Warren East to try to turn the business around - RTRS.East, who took charge of Rolls-Royce in July, wants to cut the company's cost base and simplify decision making, with the aim of saving between 150 million pounds and 200 million pounds ($225-300 million) a year by 2017 - RTRS.Under the changes the heads of five units -- civil aero-engines, defense, nuclear, marine, and power systems -- will report directly to East. The company has eliminated the aerospace, and land and sea divisions which had straddled the different businesses. - RTRS.Tony Wood, head of aerospace, and Lawrie Haynes, head of the land and sea division, would leave the company next year, Rolls-Royce said on Wednesday. - RTRS.  Full Article

Rolls-Royce Holdings PLC continues Marine transformation; also says employees will be reduced by up to 400 worldwide
Monday, 5 Oct 2015 02:02am EDT 

Rolls-Royce Holdings PLC:Says plans to continue the transformation of its Marine business through a programme of increased investment in research and development and further efficiencies, as it positions the business for the future, following the continuing impact of the sharp fall in oil prices.Says proposals will build on a series of cost reduction initiatives carried out over the past two years, and focus on improving competitiveness by reducing corporate and administrative costs with most of the early savings being reinvested in increased R&D activity.Says 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.  Full Article

Rolls-Royce and American Airlines to dissolve Texas Aero Engine Services LLC partnership
Tuesday, 29 Sep 2015 10:30am EDT 

American Airlines Group Inc :Rolls-Royce and American Airlines to dissolve Texas Aero Engine Services LLC partnership.Says Rolls-Royce and American Airlines announced plans to dissolve Texas Aero Engine Services LLC.Says TAESL is a 50-50 joint venture between Rolls Royce-and American Airlines Group in Fort Worth, Texas.Says final closure of TAESL is expected by January 2016.Combination of reductions in demand,lack of future growth opportunities for business has led Rolls Royce-to request closure of TAESL.Rolls Royce-concluded declining future volumes of overhauls for trent 800 and rb211 will no longer support viable operation.American Airlines has accepted Rolls Royce-request for closure of TAESL.Work done at TAESL for american,other airlines will begin moving to other Rolls Royce-approved MRO facilities.Will provide continued employment opportunities for all 500 frontline mechanics and TWU-represented employees.  Full Article

Rolls-Royce Holdings plc selected by Saudi Arabian Airlines
Monday, 20 Jul 2015 01:00am EDT 

Rolls-Royce Holdings plc:Says that it has been selected by SAUDIA, the national carrier of Saudi Arabia to provide long-term TotalCare engine service support, worth $1.3 billion, for 20 Airbus A330 Regional aircraft.  Full Article

Rolls-Royce Holdings plc announces re contract
Monday, 15 Jun 2015 04:00am EDT 

Rolls-Royce Holdings plc:Says Rolls-Royce has received services contracts valued at up to $224 million to support US military branches and global air forces supplied by the US Department of Defense.Says the contracts will support Rolls-Royce AE 2100, Adour (F405) and T56 engines across a variety of fleets. Services to be supplied by Rolls-Royce include logistics support, engineering, parts, repairs, field services and design modifications.  Full Article

Rolls-Royce and Liebherr-Aerospace form JV to develop power gearbox
Wednesday, 10 Jun 2015 05:00am EDT 

Rolls-Royce and Liebherr-Aerospace:Rolls-Royce and Liebherr-Aerospace create power gearbox joint venture.Have agreed to establish a 50:50 joint venture to develop manufacturing capability and capacity for power gearbox for Rolls-Royce's new ultrafan engine.Establishment of joint venture is subject to usual legal approvals.As production volumes increase, joint venture will look at options for creating a standalone manufacturing infrastructure.Will continue to lead design definition and design integration of power gearbox, as well as testing activities.Joint venture, located in Friedrichshafen, will provide production engineering for power gear drive train components.Co has started building new power gearbox test centre south of Berlin, representing investment of more than 80 mln euro.  Full Article

Rolls-Royce Holdings Plc announces re contract
Wednesday, 27 May 2015 02:00am EDT 

Rolls-Royce Holdings Plc:Says it has received an order from General Dynamics European Land Systems for the delivery of 589 MTU Series 199 diesel engines for use in the new SCOUT Specialist Vehicle (SV) for the British Army.Says the contract value is about e80 mln and will be the first time that MTU engines have been utilised in British Army platforms.Says the vehicles will be delivered by General Dynamics UK in six variants and will form the backbone of the British Army's future fleet of Armoured Fighting Vehicles.Says delivery of the engines will start in 2016, and the last engines will be delivered in 2022.  Full Article

Tritax Big Box REIT announces financing of asset pre-let to Rolls-Royce
Thursday, 30 Apr 2015 02:01am EDT 

Tritax Big Box REIT plc:Says that the company had exchanged contracts to forward fund the development of a new logistics asset located near Bognor Regis, West Sussex, pre-let in its entirety to Rolls-Royce Motor Cars Limited.Says that it has drawn on senior debt financing secured on the asset.Says this facility has been agreed with Barclays Bank PLC to the value of 14.8 million pounds, reflecting a loan to value ratio of about 39.5 pct.  Full Article

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Rolls-Royce says long-term Brexit impact depends on relationships

LONDON Britain's Rolls-Royce Holdings said the medium- and long-term effect of Britain's departure from the European Union will depend on the relationships established between the United Kingdom, the EU and the rest of the world in coming years.