Rolls-Royce Holdings to Sell Commercial Marine Business to Kongsberg
July 06 2018 - 2:01AM
Dow Jones News
By Oliver Griffin
Rolls-Royce Holdings PLC (RR.LN) said Friday it has sold its
commercial marine business to Kongsberg Automotive ASA (KOA.OS) for
a total of 500 million pounds ($661.4 million).
The British aircraft-engine maker said the sale followed a
strategic review of its commercial marine operations that was
announced in January.
Net proceeds from the sale are expected to be in a range of
GBP350 million to GBP400 million, dependent on the amount of
working capital in the division at completion, the company
said.
Rolls-Royce said the proceeds will be used to improve the
resilience of its balance sheet and provide additional capital for
pursuing opportunities to drive returns for the group.
Chief Executive Warren East said the "transaction builds on the
actions we have taken over the last two years to simplify our
business."
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
July 06, 2018 01:46 ET (05:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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