No Rights issue Restructuring in play17 Aug 2020 15:50
Rolls-Royce to close Virginia factory, laying off 280 workers
Aug. 17, 2020 9:47 AM ETRolls-Royce Holdings plc (RYCEY)By: Carl Surran, SA News Editor
Rolls-Royce (OTCPK:RYCEY) says it will close its aircraft parts factory in Virginia by the middle of 2021, throwing 280 people out of work, a victim of the collapse in global travel caused by the COVID-19 pandemic.
"We simply don't have enough workload to sustain the facility," the company says of the plant that makes precision aircraft components such as rotative discs and turbine blades.
The job losses come on top of 120 June layoffs at the factory, which is the first Rolls-Royce manufacturing facility built from the ground up in the U.S.
Rolls-Royce has cut its workforce elsewhere worldwide, including 3K from its U.K. workforce, in response to the travel slump.