Rolls-Royce to Sell L'Orange to Woodward for EUR700 Million
April 09 2018 - 3:04AM
Dow Jones News
By Max Bernhard
Rolls-Royce Holdings PLC (RR.LN) has signed an agreement to sell
its German fuel-injection systems supplier L'Orange to Woodward
Inc. (WWD) for an enterprise value of 700 million euros ($859.5
million), the two companies said in a joint statement Monday.
Woodward will integrate Stuttgart-based L'Orange into its
industrial-business segment, under the name Woodward L'Orange, the
companies said.
The deal is expected to close by the end of the second quarter
of 2018 and is subject to approval from German antitrust
authorities, the companies said. Both Rolls-Royce's and Woodward's
boards of directors approved the deal, as well as the supervisory
board of Rolls-Royce Power Systems.
L'Orange was part of Rolls-Royce's power-systems business. Its
pro forma underlying operating profit was EUR64 million in
2017.
Write to Max Bernhard at Max.Bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
April 09, 2018 02:49 ET (06:49 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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