TIDMRR.
RNS Number : 0420Q
Rolls-Royce Holdings plc
26 August 2014
26 August, 2014
ROLLS-ROYCE COMPLETES ACQUISITION OF ROLLS-ROYCE POWER
SYSTEMS
Rolls-Royce today announced the completion of its acquisition of
Rolls-Royce Power Systems (RRPS).
This follows the announcement on March 7, 2014 that the Board of
Management of Daimler AG had decided to exercise the put option
relating to its 50% equity interest in RRPS and the announcement on
16 April 2014 that Rolls-Royce and Daimler had agreed on a fair
market valuation for the shareholding of EUR 2.43 billion.
John Rishton, CEO of Rolls-Royce said: "We are pleased to
welcome Rolls-Royce Power Systems fully into Rolls-Royce. The
business adds scale and capability to our reciprocating engines
portfolio. It has outstanding technology, operates in long-term
growth markets and has proved a valuable addition to our Marine
& Industrial Power Systems division."
RRPS, which previously operated as Tognum AG, is a world leader
in reciprocating engines, propulsion and distributed energy
systems. It is headquartered in Friedrichshafen in Southern Germany
and employs around 11,000 people.
Ulrich Dohle, CEO of Rolls-Royce Power Systems said: "With our
well-known MTU high-speed engines, MTU Onsite Energy distributed
energy systems, Bergen medium-speed engines and L'Orange
fuel-injection systems, we are proud that we are now a full member
of the Rolls-Royce family and look forward to contributing to its
success."
Daimler will remain an important partner in the development and
supply of medium and heavy-duty diesel engines in the power range
below 500kW. MTU markets the off-highway versions of these
truck-derivate engines to customers in the construction, industrial
and agricultural markets.
About Rolls-Royce Holdings plc
1. Rolls-Royce's vision is to create better power for a changing
world via two main business segments, Aerospace and Marine and
Industrial Power Systems (MIPS). These business segments address
markets with two strong technology platforms, gas turbines and
reciprocating engines, for use on land, at sea and in the air.
2. Aerospace comprises Civil Aerospace and Defence Aerospace.
MIPS comprises Marine, Nuclear & Energy and Power Systems
(RRPS). On 6 May 2014 Rolls-Royce announced it had signed an
agreement to sell its Energy gas turbine and compressor business to
Siemens for a GBP785m cash consideration. On completion, expected
before the end of December 2014, Rolls-Royce will receive a further
GBP200 million for a 25 year licensing agreement.
3. Rolls-Royce has customers in more than 120 countries,
comprising more than 380 airlines and leasing customers, 160 armed
forces, 4,000 marine customers, including 70 navies, and 1,600
energy and nuclear customers.
4. Our business is focused on the 4Cs:
-- Customer - placing the customer at the heart of our business
-- Concentration - deciding where to grow and where not to
-- Cost - continually looking to increase efficiency
-- Cash - improving financial performance.
5. Annual underlying revenue was GBP15.5 billion in 2013, around
half of which came from the provision of aftermarket services. The
firm and announced order book stood at GBP70.4 billion at 30 June
2014.
6. In 2013, Rolls-Royce invested GBP1.1 billion on research and
development. We also support a global network of 31 University
Technology Centres, which position Rolls-Royce engineers at the
forefront of scientific research.
7. Rolls-Royce employs over 55,000 people in 45 countries. Over 17,000 of these are engineers.
8. The Group has a strong commitment to apprentice and graduate
recruitment and to further developing employee skills. In 2013 we
employed 379 graduates and 288 apprentices through our worldwide
training programmes. Globally we have over 1,000 Rolls-Royce STEM
ambassadors who are actively involved in education programmes and
activities; we have set ourselves a target to reach 6 million
people through our STEM outreach activities by 2020.
For further information, please contact:
Investors:
Simon Goodson
Director, Investor Relations
Rolls-Royce plc
Tel: +44 (0)20 7227 9237
Email: simon.goodson@rolls-royce.com
Media:
Richard Wray
Director of External Communications
Rolls-Royce plc
Tel: +44 (0)20 7227 9163
Mobile +44 (0)7974 918 416
Email: richard.wray@rolls-royce.com
This information is provided by RNS
The company news service from the London Stock Exchange
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