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.
Stc partners with Qiddiya as Six Flags official connectivity provider
RIYADH: Saudi stc Group has announced its partnership with Qiddiya as the official connectivity partner for the Six Flags theme park, providing telecom services, smart city solutions, and an integrated digital infrastructure in line with global standards, coinciding with the park’s official opening.
Under the partnership, stc will deliver an advanced digital ecosystem to enhance visitors’ experiences at Qiddiya, offering high-performance connectivity and smart technologies to facilitate entry and manage visitor flow within the park, ensuring a seamless and safe experience.
The collaboration reflects stc’s commitment to providing advanced digital infrastructure that supports Qiddiya’s ambitions and elevates the visitor experience.
By leveraging smart connectivity, smart city technologies, and innovative payment solutions, stc aims to deliver an integrated and streamlined experience across the destination.
The initiative also highlights stc’s role in supporting the tourism and entertainment sectors with world-class digital infrastructure that aligns with Saudi Arabia’s vision and future goals.
