London: British engine maker Rolls-Royce said Monday it has sold German division L’Orange for €700 million ($860 million) to US group Woodward.
Stuttgart-based L’Orange, which supplies fuel injection technology for engines, employs 1,000 people mostly in Germany.
The announcement marks the biggest disposal under the tenure of Warren East, who has been Rolls-Royce chief executive since July 2015.
“This transaction builds on the actions we have taken over the last two years to simplify our business,” East said in a statement unveiling the news.
“The divestiture of L’Orange enables Rolls-Royce Power Systems to focus on other long-term, high growth opportunities and our company to allocate our capital to core technologies and businesses that drive greater returns for the group.”
Woodward, based in Fort Collins, Colorado, designs and manufactures control system solutions and components for the aerospace and industrial markets.
L’Orange will be renamed Woodward L’Orange and will continue to supply Rolls-Royce Power Systems under a long-term supply deal with an initial term of 15 years.
The deal is expected to complete in the second quarter of 2018, subject to German regulatory approval.
London-listed Rolls-Royce, whose engines are used in Airbus and Boeing aircraft, also makes power systems for use on land and at sea.
Rolls-Royce sells German unit L’Orange
Rolls-Royce sells German unit L’Orange
- Stuttgart-based L’Orange, which supplies fuel injection technology for engines, employs 1,000 people.
- L’Orange will be renamed Woodward L’Orange and will continue to supply Rolls-Royce Power Systems.
Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods
RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.
Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank.
Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories.
Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.
Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.
Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million.
Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.
Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.
The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week.
In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
