It's a bad time to be a manager in Rolls-Royce's marine division
REUTERS/Toby Melville
The jobs cuts will come in management positions, according to a report in the Financial Times, and follow on from 600 factory job cuts announced earlier in the year.
The marine business employs a total of around 5,800 people.
Mikael Makinen, president of the company's marine division, said in a statement on Monday: "Reducing our workforce is never an easy decision, but the continued weak oil price, and the need to become more competitive, means it is necessary, if we are to build a strong base from which we can successfully grow this business in the future."
The company expects full-year savings of £40 million ($61 million), of which most "will be invested in increased R&D activity," according to the statement.
Rolls-Royce is struggling. The group had its fourth profit warning in 18 months in July and investors are concerned that a strategy to diversify away from making aircraft engines isn't paying off.
The company's share price has fallen by around 25% in the past six months.
Investing
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Consuming excessive salt and inadequate potassium, protein is making North Indians prone to life-threatening diseases: Study
- Upcoming cars and two-wheelers launching in India in April 2024
- Ice melt in Antarctica and Greenland is slowing Earth's rotation, affecting timekeeping: Study
- Elections on a plate: Poll panels fix menu & expense ceiling for Samosa, tea, biryani & more
- Regenerative farming, cover crops will help farmers increase yields, reduce stubble burning: IDH CEO