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Rolls-Royce Holdings has announced that it would be selling its loss-making commercial marine business to Kongsberg Gruppen ASA in a transaction worth £500m including debt, in the latest reshaping of the engineering company by CEO Warren East.
“This transaction builds on the actions we have taken over the last two years to simplify our business,” East confirmed the development today.
The company had said in January that it was considering selling its commercial marine business as it has been impacted by the weaker oil prices. The disposal will leave Rolls focussed on providing engines for civil aircraft, military planes and ships, and engines for ships, yachts, trains, trucks, mining, and nuclear power stations.