Rolls-Royce Holdings PLC (RR.LN) said Wednesday that it will further simplify its business by reducing its five operating businesses to three core units, and also undertake a strategic review of its commercial marine operation.
The engineering company said it will focus on three areas, including civil aerospace, defense and power systems, adding that it plans to consolidate its naval marine and nuclear submarine operations within the existing defense business.
Rolls-Royce said that these actions are designed to align the company with its strategic vision and said that the restructuring will deliver an additional reduction in costs.
The process of defining the restructuring of the company is ongoing and further details will be given at the time of the company's 2017 financial results in March, the company said.
Shares at 1312 GMT were up 5.8%, or 49.60 pence, at 903.20 pence.
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(END) Dow Jones Newswires
January 17, 2018 08:37 ET (13:37 GMT)