Britain's Rolls-Royce is slashing 4,600 jobs

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rolls royce engines
Rolls-Royce manufactures engines and power systems for aircraft, ships and energy producers.

British engineering company Rolls-Royce plans to cut 4,600 jobs in an effort to slash costs across its business.

The firm said in a statement Thursday that it would make the cuts over the next two years as it seeks to reduce annual costs by £400 million ($535 million) by 2020. Most of the job losses will be in the United Kingdom.

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