Last checked at (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.
16 Jan 2024 09:02
Berenberg lowers Rolls-Royce to 'sell'
(Sharecast News) - Analysts at Berenberg lowered aerospace and defence giant Rolls-Royce to 'sell' from 'hold' on Tuesday, citing an unfavourable risk/reward scenario, but marked up their target price on the stock from 100.0p to 240.0p.
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