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Rolls-Royce Holdings PLC (RR.L)

RR.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Fitch downgrades Rolls-Royce to 'A-'; outlook stable
Friday, 17 Feb 2017 06:04am EST 

: Fitch downgrades Rolls-Royce to 'A-'; outlook stable . Fitch on Rolls-Royce Holdings- downgrade reflects view that Rolls-Royce will achieve a weaker than expected recovery in its key credit metrics .Fitch on Rolls-Royce Holdings- fines agreed between Rolls-Royce and regulatory bodies in Jan 2017, will not have material impact on company's key credit metrics.  Full Article

Ptt Exploration And Production says has set up committee to investigate allegation connected to Rolls-Royce
Friday, 20 Jan 2017 05:58am EST 

Ptt Exploration And Production Pcl : Refers to media reports on Rolls-Royce's bribery charges, allegedly involved officials at state-owned oil & gas co's during 2000-2013 . Has set up fact-finding committee to investigate procurement of procurement and services with Rolls-Royce during mentioned period .Result of the investigation will be reported to the board of directors within 30 days.  Full Article

Rolls-Royce to cut 800 jobs amid weak maritime market
Thursday, 1 Dec 2016 05:00am EST 

Rolls-Royce Holdings Plc : Rolls-Royce continues marine transformation . Today announced plans to accelerate transformation of its marine business as a result of continuing weakness in maritime market . Measures include a further simplification of structure of business, with a streamlining of senior management team, and a series of cost reduction initiatives . Planned measures include a further simplification of structure of business, with a streamlining of senior management team . Costs of this restructuring are expected to be around 20 mln stg, split between 2016 and 2017 . Cost reduction initiatives which will result in loss of around 800 roles worldwide and an estimated 45-50 mln stg of annualised savings from mid- 2017 .Proposed job reductions are in addition to reduction of 1,000 employees announced in may and October last year.  Full Article

Daily Mail says CFO Stephen Daintith resigned
Thursday, 22 Sep 2016 01:19am EDT 

Daily Mail And General Trust Plc : Directorate change cfo resignation . Stephen Daintith, CFO of company, has resigned to take up role of CFO at Rolls-Royce Holdings Plc . Stephen will continue to provide support to DMGT as cfo pending appointment of his replacement . Board has commenced process to identify appropriate candidates. .Date of his departure from company will be subject of a separate announcement.  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

More From Around the Web


British accounting watchdog investigates KPMG over Rolls-Royce audits

LONDON Britain's accounting watchdog has opened an investigation into how KPMG checked the books of Rolls-Royce , the aero-engine group that agreed in January to pay 671 million pounds ($862.8 million) to settle a transatlantic bribery probe.