Major Changes for Rolls-Royce

Rolls-Royce has announced sweeping changes to its marine business. This includes the elimination of 800 jobs and the creation of a new Research and Development center in Norway. The company supplies a broad range of products and services for the marine sector including Bergen diesel engines, gas turbines and also offers ship design services for merchant, offshore and naval vessels. The company has not specified where the job reductions will be and said the move was a result of continuing weakness in the maritime market. Rolls-Royce added that planned measures include a further simplification of the structure of the business and an estimated $50 million to $62 million of annualized savings from mid-2017.