VIENNA (dpa-AFX) - Rolls-Royce Holdings plc (RYCEF.PK, RR.L, RYCEY.PK) announced that the company will accelerate cost reduction programmes in its Marine business and reduce the number of employees by a further 600 by the end of the current year in response to challenging market conditions. Around half of the reductions will be in Norway.
Mikael Makinen, Rolls-Royce, President - Marine, said: 'We are transforming our Marine business and while we are making good progress on cost, the effect of low oil prices means we have to continue to look for further efficiencies.'
The company anticipates the proposals will have a broadly neutral impact on profits in 2015 and generate approximately 25 million pounds of benefits from 2016 onwards.
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