(Adds detail, background)
LONDON, Aug 27 (Reuters) - Britain's Rolls-Royce said
it aimed to sell its Spanish unit ITP Aero and other assets to
raise at least 2 billion pounds to boost its balance sheet,
which has been shattered by the travel slump brought on by the
coronavirus pandemic.
Rolls-Royce also said on Thursday its CFO Stephen Daintith
had resigned to move to retail technology firm Ocado,
but that he would remain in his role to support an orderly
transition as he helps oversee 1 billion pounds of cost cuts
this year.
Planes stopped flying for months earlier this year and
travel still remains at a much lower level than previously,
hitting Rolls-Royce's revenues as airlines pay it on the basis
of how many hours engines fly.
Rolls-Royce sunk to an underlying loss before tax of 3.2
billion pounds ($4.2 billion) in the first six months of the
year, and said it was continuing to look at additional options
to strengthen its balance sheet.
It said it proposed to raise funds by selling its
wholly-owned subsidiary ITP Aero, which is based in Spain and
makes turbine blades for jet engines, as well as other assets,
alongside consolidating its manufacturing facilities into six
locations from 11.
Rolls-Royce warned in May that it would need to cut 9,000
jobs and said on Thursday that 4,000 employees had already left
the business from its civil aerospace unit.
($1 = 0.7573 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle)