Rolls-Royce set to sell ITP Aero to Bain ‘for €1.6bn’ August 4, 2021 Rolls-Royce has entered exclusive talks to sell its Spanish unit ITP Aero to a consortium led investment house Bain Capital for a rumoured €1.6bn (£1.5bn). The FTSE 100 engineer is looking to raise £2bn from selling off various assets in a bid to restore its balance sheet after the travails of the coronavirus pandemic. ITP, [...]
Rolls-Royce finally gets Norwegian unit sale across the line with £54m Langley deal August 4, 2021 FTSE blue-chip Rolls-Royce has agreed to sell Bergen Engines, its Norwegian maritime engine manufacturing arm, to UK engineering group Langley Holdings with a new price tag of €63m (£53.6m). Rolls-Royce will retain €110m (£93.6m) from the sale – €70m from the transaction in addition to €40m Bergen currently holds in cash. This is in line [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 30, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. IoD’s chief economist departs for Fitch Ratings The Institute of Director’s (IoD) chief economist will step away from the role next week to become director of economics at US credit rating [...]
IAG and Easyjet lead fall in travel shares as Spain and Portugal introduce quarantine for unvaccinated Brits June 28, 2021 Airline stocks including BA owner IAG, Easyjet, and Ryanair all tumbled today as more European countries imposed travel restrictions on UK holidaymakers. FTSE 100 IAG was down 5.8 per cent by the mid afternoon, while budget carrier Easyjet also dropped 5.0 per cent. Fellow blue-chip Rolls-Royce, which makes the engines used by most commercial jets, [...]
Rolls-Royce lays out plans to be net zero by 2050 June 17, 2021 Engine-maker Rolls-Royce has today said that it will reach net zero emissions by 2050 as it looks to boost investment into carbon dioxide-free technologies. The FTSE blue chip said that it would lift the percentage of its yearly research and development spend – which was about £1bn a year before the pandemic – that it [...]
Rolls-Royce names Anita Frew as new chair to succeed Ian Davis June 9, 2021 Rolls-Royce today said that Anita Frew would succeed Ian Davis as chair, making her the first woman to chair the company. Frew, 63, is currently chair of chemicals group Croda and a non-executive director of mining firm BHP Group. She will take over from Davis on 1 October, when he retires after nine years in [...]
Airline stocks dive and bosses fume after Portugal axed from UK travel ‘green list’ June 4, 2021 Airline stocks dropped as London’s markets opened for trading today after the government removed the one popular holiday destination from its travel “green list”. Wizz Air led the fallers on the FTSE 250, dropping 3.5 per cent by the mid-afternoon, while Easyjet shed 1.9 per cent. Easyjet had added hundreds of extra flights to Portugal [...]
Rolls-Royce newest convertible is picnic ready May 27, 2021 Rolls-Royce have released details of a new convertible which contains cocktail tables, fridges for champagne and a matching parasol – all custom made for a single, ultra-wealthy, individual. Named the ‘Boat Tail’, the rear of the car is shaped like a racing yacht. It was hand-built and took four years to make. Rolls-Royce have not [...]
Rolls-Royce sticks to guidance as wait for travel restart continues May 13, 2021 Engineer Rolls-Royce this morning maintained that it would return to positive free cash flow in the second half of 2021 as vaccinations kick in and travellers return to the skies. In a trading update this morning, the blue-chip stock said that its performance so far this year to had been in line with expectations. It comes [...]
Rolls Royce puts Norwegian unit back up for sale after Oslo blocked deal with Russians May 10, 2021 FTSE blue-chip Rolls Royce’s Norwegian maritime engine unit Bergen is back up for sale, less than two months after Oslo blocked a previous deal for it to be sold off to a Russian company. “The sale process has restarted,” a source told Reuters today. Norway in March stopped Rolls Royce from selling Bergen for €150m [...]