13th Nov 2014 07:13
LONDON (Alliance News) - Aircraft and marine engine maker Rolls-Royce Holdings PLC Thursday reiterated that it expects to complete the sale of its energy gas turbines and compressor business to Germany's Siemens AG before the end of 2014, and plans to return the proceeds from the sale to shareholders through a GBP1 billion share buyback.
In a statement, the company also reiterated its recent profit warning, saying that extra restructuring costs will reduce its expected underlying profit in both 2014 and 2015 by about GBP60 million.
It said that its guidance for those years, and for the medium-term, remain unchanged excluding the extra restructuring charges, which are coming about due to an accelerated cost cutting programme.
Rolls-Royce will report its 2014 results on February 13, 2015.
By Steve McGrath; [email protected]; @stevemcgrath1
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