Rolls-Royce to Sell Naval-Propulsors Business to Fairbanks Morse Defense

Dow Jones09-19

By Cristina Gallardo

Rolls-Royce agreed to sell its naval-propulsors and handling business to U.S. company Fairbanks Morse Defense.

The engineering and defense company said Thursday that the sale comprises its naval-propulsors units in Pascagoula, Miss., and Walpole, Mass., as well as its specialized naval handling-systems unit in the Canadian town of Peterborough, Ontario. It didn't disclose the value of the deal.

The sale, which requires regulatory approval, is part of a broader strategy that includes boosting the growth of its defense business by focusing on combat, transport and submarines.

The London-listed group said it will retain its naval gas-turbines and generator-sets operators.

"We believe this transaction represents the best outcome for the business, its people and the military customers they serve," Adam Riddle, chairman and chief executive of Rolls-Royce North America, said.

In a separate announcement, Rolls-Royce said it won a contract to build two small nuclear reactors at the site of the Dukovany Nuclear Power Plant, located in the Czech Republic and operated by CEZ Group.

The British group said the contract terms and regulatory clearances are still to be finalized.

Write to Cristina Gallardo at cristina.gallardo@wsj.com

(END) Dow Jones Newswires

September 19, 2024 06:02 ET (10:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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