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Rolls-Royce Holdings PLC (RR.L)

RR.L on London Stock Exchange

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7 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Legal & General ytd retirement sales 6.7 bln stg
Monday, 14 Nov 2016 02:00am EST 

Legal & General Group Plc : Legal & General retirement sales YTD are 6.7 bln stg . Completes largest pension buyout of 2016 with 1.1 billion stg Vickers group pension scheme . Has completed a 1.1 billion stg pension buyout for Vickers group pension scheme, part of Rolls-Royce Group, covering over 11,000 members . Retirement sales year to date are 6.7 billion stg, with 6.3 billion stg in annuities and 0.4 billion stg in lifetime mortgages .Decrease in group's Solvency II surplus from new business regulatory capital strain is expected to be less than £200m (circa 3 pct of premiums) for business year to date.  Full Article

Rolls-Royce Holdings wins $700m order from China Southern
Wednesday, 2 Nov 2016 05:58am EDT 

Rolls-royce Holdings Plc : Has won a $700m order from China Southern for Trent 700 engines to power ten Airbus A330 aircraft .Order includes totalcare long-term engine service support.  Full Article

Figeac Aero chosen by Rolls-Royce as tier 1 partner
Thursday, 15 Sep 2016 01:00am EDT 

Figeac Aero SA : Selected by Rolls-Royce as a tier 1 supplier .Contract value at $16 million over 10 yrs.  Full Article

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 to cut another 800 jobs at marine unit

LONDON British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra 50 million pounds ($63 million) a year, responding to weak demand from shipping and energy customers.