LONDON - Britain's Rolls-Royce said on Wednesday it would cut at least 9,000 jobs from its global staff of 52,000 and could shut factories to adapt to the much smaller aviation market that will emerge from the coronavirus pandemic.
It is paid by airlines based on how many hours they fly, meaning its earnings will be hit by the collapse in air travel which is expected to last for years. Rolls-Royce relies on aerospace for just over half of its annual revenues, which were around 15 billion pounds in 2019, and the company said that the job cuts would mostly be in its civil aerospace unit.
Rolls-Royce's headquarters are in Derby, England, and about two-thirds of its civil aerospace jobs are based in the United Kingdom, East said, adding that was"probably a good first proxy" of where the jobs were likely to be lost.
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