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By Oliver Griffin
Rolls-Royce Holdings PLC (RR.LN) has agreed to buy Siemens AG's (SIE.XE) electric aircraft propulsion business for an undisclosed sum.
The British engineering company said Tuesday that it expects to complete the deal for eAircraft later in the year following an employee consultation, as it positions itself to play "a major role" in the third era of aviation.
Rolls-Royce made no comment about the deal's financial details, though Germany's Siemens said the two parties had agreed to not disclose any financial terms.
The eAircraft business is based in Germany and Hungary and employs around 180 specialist electrical designers and engineers who are developing a range of all-electric and hybrid electric propulsion solutions for the aerospace industry.
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(END) Dow Jones Newswires
June 18, 2019 05:58 ET (09:58 GMT)
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