Rolls-Royce Marine Unit to Cut 600 Jobs
British engineering group Rolls-Royce (RR.L) said it would cut 600 jobs in its Norwegian-focused marine business in response to the lower oil price, a move it said would have a "broadly neutral" impact on 2015 profits. Rolls-Royce is in the middle of a cost-saving plan in its aero-engines business and headquarters, axing 2,600 jobs, and the streamlining of its marine business comes after a year of profit downgrades and cancelled orders. The company said that from 2016, the job cuts in marine would help generate 25 million pounds of benefits.
Rolls-Royce: 50 Years of Azimuth Thruster Production
Marking 50 years since the delivery of its first azimuth thruster, Rolls-Royce held an event in Rauma, Finland to celebrate the occasion. Azimuthing thrusters, which today are one of Rolls-Royce’s most successful marine products, rotate through 360 degrees, providing propulsion and maneuverability, without the need for a rudder. Azimuthing thrusters power and position some of the world’s largest floating structures. The Pioneering Spirit, the world’s largest construction vessel…
East to Succeed Rishton as Rolls-Royce CEO
John Rishton will retire as chief executive of Rolls-Royce on July 2, 2015 and will be succeeded by Warren East, whose appointment follows an extensive international search, the company announced today. Warren East was CEO of ARM Holdings from 2001 to 2013. Warren has been a nonexecutive director of Rolls-Royce since January 2014, also serving as a nonexecutive director on the boards of BT, De La Rue, Dyson, Micron Inc. and Digital Catapult. His intention is to stand down from all but one of his current roles as a nonexecutive Director, in line with Rolls-Royce company policy. Commenting on his appointment, East said, “[Rolls-Royce] is well positioned in growth markets, with world class engineering skills and a proud record of innovation and delivery.
David Smith Appointed CFO of Rolls-Royce
Rolls-Royce announced today that David Smith has been appointed as Chief Financial Officer and a Director of Rolls-Royce Holdings plc. He takes up his new role with immediate effect, replacing Mark Morris who has decided to leave the company after 27 years, serving most recently as Chief Financial Officer since January 2012. David Smith joined Rolls-Royce earlier this year, and is currently Chief Financial Officer of the Aerospace Division. David spent the first 25 years of his career at Ford where he held a number of senior positions including Chief Financial Officer and subsequently Chief Executive Officer at Jaguar Land Rover, before he moved to the technology company, Edwards Group as Chief Financial Officer.
Rolls-Royce Acquires Power Systems Unit
Rolls-Royce today announced the completion of its acquisition of Rolls-Royce Power Systems (RRPS). The move follows an announcement made on March 7, 2014 that the Board of Management of Daimler AG had decided to exercise the put option relating to its 50% equity interest in RRPS and the announcement on April 16, 2014 that Rolls-Royce and Daimler had agreed on a fair market valuation for the shareholding of €2.43 billion. John Rishton, CEO of Rolls-Royce said, “We are pleased to welcome Rolls-Royce Power Systems fully into Rolls-Royce.
Rolls Royce Sells Energy Gas Turbine Business To Siemens
Britain's Rolls-Royce Plc said it would sell its energy gas turbine and compressor business to German conglomerate Siemens AG for 785 million pounds($1.33 billion). Rolls, whose energy gas turbine and compressor business has around 2,400 employees, said Siemens would pay a further 200 million pounds for a 25 year licensing agreement granting access to relevant Rolls-Royce aero-derivative technology. "This agreement will give the Energy business greater opportunities as part of a much larger energy company and allows Rolls-Royce to concentrate on the areas of business where we can add most value," Rolls-Royce Chief Executive, John Rishton said in a statement.
Mike Terrett, Roll-Royce COO, Retires
Rolls-Royce announce that Mike Terrett, Chief Operating Officer, has decided to retire at the end of the year. Mike has worked for Rolls-Royce for 34 years and has been instrumental in shaping the current success of the business. Mike, an engineer, started as a graduate apprentice in Derby in 1978. He has succeeded in many roles since then, including as the Chief Engineer on the Trent 800 programme, President and CEO, International Aero Engines (IAE) and President Civil Aerospace. He was appointed Chief Operating Officer and a member of the Rolls-Royce Board in 2007.
