28th Apr 2015 07:43
LONDON (Alliance News) - Rolls-Royce Holdings PLC on Tuesday said it is set to sell its Michell Bearings business to British Engines Ltd for GBP12.6 million in cash.
The FTSE 100-listed engineering and aerospace group said the deal is set to be completed in the autumn, subject to licence consents.
Michell Bearings is based in Newcastle-upon-Tyne and holds a 51% stake in the Mitchell Bearings (India) Pvt Ltd subsidiary in Bangalore, India.
"The agreement announced today will allow Rolls-Royce to concentrate on the core areas of our Marine business where we can add most value," said Mikael Makinen, president of Rolls-Royce Marine.
Shares in Rolls-Royce were down 1.0% to 1,044.00 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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