Rolls Royce Sells Energy Gas Turbine Business To Siemens
Britain's Rolls-Royce Plc said it would sell its energy gas turbine and compressor business to German conglomerate Siemens AG for 785 million pounds($1.33 billion). Rolls, whose energy gas turbine and compressor business has around 2,400 employees, said Siemens would pay a further 200 million pounds for a 25 year licensing agreement granting access to relevant Rolls-Royce aero-derivative technology. "This agreement will give the Energy…
Rolls-Royce Hopes to Conclude Siemens Deal
Britain's Rolls-Royce is hopeful of concluding an estimated 1 billion euro ($1.4 billion) disposal, talks on which it announced earlier this week as it looks to exit an energy-related business it sees as too small to effectively compete globally. Rolls, the world's second-largest maker of aircraft engines behind General Electric, had on Tuesday announced talks on the possible sale to Germany's Siemens of its unit which makes equipment for the oil and gas industry, as well as power-generation gear for utilities.
