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.
Council of Economic and Development Affairs reviews budget performance report during virtual meeting
Council of Economic and Development Affairs reviews budget performance report during virtual meeting
JEDDAH: The Council of Economic and Development Affairs held a virtual meeting, the Saudi Press Agency has reported.
At the outset of the meeting, the council reviewed the quarterly report submitted by the Ministry of Economy and Planning, which included updates on the global economy and the impact of geopolitical challenges and volatility in global markets on growth prospects.
The report also addressed the latest developments related to the national economy and future projections through 2027, highlighting its high resilience in confronting global challenges and noting that various economic statistics and indicators point to remarkable growth that further cements the Kingdom’s position among the fastest-growing and most stable economies in the world.
The council reviewed the fourth-quarter performance report of the state’s general budget for fiscal year 2025, submitted by the Ministry of Finance, which provided a comprehensive overview of financial performance during the period, including developments in revenues and expenditures, public debt levels, and an analysis of local and global economic variables and their implications for financial indicators.
The report results showed the continued adoption of a balanced and flexible fiscal policy that supports economic growth and enhances financial sustainability over the medium and long terms, through the use of disciplined and efficient fiscal tools and the continuation of countercyclical spending, directed toward development programs and projects with economic and social impact, contributing to improving the quality of public services, stimulating investment, and strengthening the resilience of public finances.
The council discussed a number of procedural matters, including a draft Government Tenders and Procurement Law, a draft Space Law, and a briefing on steps taken regarding the assignment of the Council of University Affairs to update the regulations necessary for the governance of public and private universities and health colleges, supervise and follow up on them periodically, and update compliance processes in public and private universities and health colleges based on quality standards approved by the Council of University Affairs.
The council was also briefed on the results of the quarterly Real Estate Price Index report, along with two summaries of the monthly Consumer Price Index and Wholesale Price Index reports, and the underlying reports on which the summaries were based.
The council adopted the necessary decisions and recommendations regarding these matters.
