RSS   Newsletter   Contact   Advertise with us
Post Online Media
Acquisition   ITP made profit after tax of €59m

Rolls-Royce to buy Spanish component specialist ITP

Rolls-RoyceRolls-Royce has agreed to pay €720m to complete the full takeover of Spanish aero engine component manufacturer Industria de Turbo Propulsores (ITP).

Rolls-Royce, which currently owns a large minority stake in the profitable Bilbao-based business, will purchase the outstanding 53.1% shareholding in ITP from SENER Grupo de Ingeniería in eight instalments over a two-year period.

Article continues below

READ MORE EC clears acquisition of sole control of ITP by Rolls-Royce

ITP, which made profit after tax of €59m from €710m revenue in 2015, has partnered with Rolls-Royce on all Trent engine programmes, manufacturing low pressure turbines, and is currently working with the UK company in researching new turbine technology for the next generation UltraFan engine.

ITP has research and development expertise, particularly in the field of aerospace super-alloys, and engine maintenance capabilities.

"ITP has been a trusted partner for Rolls-Royce over many years as well as working for other engine manufacturers," said Warren East, Rolls-Royce CEO.

"This investment will add to our aerospace capability, with excellent facilities, services and products, to generate additional opportunities for profitable growth. We look forward to forging a closer and more productive future together, and to welcoming ITP's employees into Rolls-Royce."




What to read next


 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy