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FT: Rolls Royce To Cut Costs

As per a report published in the Financial Times, Rolls Royce Holdings plc (RYCEF.PK,RR.L,RYCEY.PK) is planning new cost cutting actions which include: temporarily close factories; reduce benefits; and cut working hours. The Group is also reportedly facing strike at Barnoldswick plant in Lancashire.

The COVID-19 pandemic has significantly affected the Group's 2020 performance. In August, Rolls Royce announced that the company has identified a number of potential disposals that are expected to generate proceeds of more than 2 billion pounds, including ITP Aero and a number of other assets.

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