Rolls Royce to Seal £1.5bn Spanish Sale

Rolls-Royce is preparing to sell its Spanish operation for £1.5 billion within weeks.

Thursday's deadline for the deal's completion was missed by the nation's premier engineering company.

Rolls' recovery strategy after the pandemic includes selling ITP Aero, which builds Eurofighter Typhoon engines, to Bain Capital.

To strengthen its finances, the FTSE100 company must sell $2 billion worth of assets.

To date, measures have included 9,000 job cuts, increasing the workforce to 43,000, and selling off a portion of the company.

Since the pandemic started, the corporation has raised more than £7 billion, including money from a £2 billion share sale two years ago.

The delay comes as the UK's largest manufacturer faces a leadership void.

Rolls has been looking for Warren East's replacement since he announced his resignation in February.

Upcoming Stories
Volkswagon ID Aero Has 620km Range

Click Here