4th Jan 2022 08:27
(Alliance News) - Rolls-Royce Holdings PLC on Tuesday confirmed it completed the sale of its Bergen Engines business to Langley Holdings PLC for an enterprise value of EUR63 million.
The London-based jet engine maker explained that the completion of the disposal followed the conclusion of work to separate the business from the company.
Bergen Engines generated revenue of approximately EUR200 million in 2020, Rolls-Royce noted.
Rolls-Royce said it plans to use the sale proceeds of EUR91 million together with the EUR16 million of cash held within Bergen Engines that it retained, to rebuild its balance sheet. This is in support of the jet engine maker's goal to return to an investment grade credit profile.
Shares were up 4.0% at 127.74 pence each on Tuesday morning in London.
By Abby Amoakuh; [email protected]
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