Rolls Royce Sells Energy Gas Turbine Business To Siemens
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 business greater opportunities as part of a much larger energy company and allows Rolls-Royce to concentrate on the areas of business where we can add most value," Rolls-Royce Chief Executive, John Rishton said in a statement.
The London-based company said the transaction, would transfer Rolls-Royce's shareholding in the Rolls Wood Group (RWG) joint venture, that provides maintenance, repair and overhaul services to Siemens.
(Reporting by Tasim Zahid in Bangalore; Editing by David Gregorio and Andre Grenon)
($1 = 0.5885 British Pounds)