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(Sharecast News) - Rolls-Royce has agreed to sell the Bergen Engines medium speed gas and diesel engines business to Russian engineering company TMH Group for about €150m.
The agreement follows a strategic review of the business that was announced last February. The sale includes the medium speed engine factory, service workshop and foundry in Norway; engine and power plant design capability; and a global service network spanning more than seven countries.
The engine maker's chief executive officer, Warren East, said: "We believe that this agreement is a good outcome for the Bergen Engines business and its people. The sale of Bergen Engines is a part of our ongoing portfolio evaluation to create a simpler, more focused group and contributes towards our target to generate at least £2bn from disposals, as announced in August."
The transaction is expected to close in the second half of this year.
Today 08:26
Britain's FTSE 100 blue-chip stock index hits record high
LONDON, April 23 (Reuters) - Britain's blue-chip FTSE 100 index hit a record high on Tuesday, following last week's sharp selloff, as fears of the Middle East crisis escalating eased and investors looked ahead to top U.S. earnings later in the week.
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