Rolls-Royce completes £613m engines deal
Derby-based Rolls-Royce has completed the buy-out of Industria de Turbo Propulsores SA owned by SENER Grupo de Ingeniería SA.
Rolls-Royce has bought the outstanding 53.1% shareholding in ITP in a deal worth £613m. The firm says the deal will strengthen its position on its civil aerospace large engine growth programmes by capturing significant additional value from its long-term aftermarket revenues, including the high volume Trent 1000 and Trent XWB engines – manufactured in Derby, where ITP has played a key role as a risk and revenue sharing partner.
It also enhances the group’s manufacturing and services capabilities and adds value to the Defence Aerospace business, particularly on the TP400 and EJ200 programmes.
Warren East, Rolls-Royce, CEO, said: “We welcome the opportunity to acquire the outstanding stake in ITP. ITP has been a trusted partner for Rolls-Royce over many years as well as working for other engine manufacturers.
“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. I would like to thank SENER for their close relationship over three decades as we have built this exceptional business.”
Jorge Sendagorta, SENER, president, added: “We inspired the creation of ITP in 1989 and, over the years, supported the extraordinary management and professionals of the company with a focused long-term investment strategy based on best-in-class technology and production.
“We are extremely proud of the great achievements of ITP, but our mission is now complete and the time has come when it is Rolls-Royce who can build the best future for the company.
“SENER will now concentrate on the expansion of our core engineering business, dedicating more resources to our ambitious international strategy and to R&D. Thank you Rolls-Royce and ITP for these three decades of fruitful creation together.”
ITP is headquartered in Bilbao, Spain, and employs over 3,000 people in facilities in Spain, Mexico, India, Malta, US and the UK.
Ignacio Mataix, ITP, CEO added: “I am delighted that we are joining the Rolls-Royce family. We have already worked together to create outstanding aerospace products and services which will generate long term value. The acquisition will create new growth opportunities, while maintaining our current portfolio and strengthening our global position. I am sure it will provide significant opportunities for our employees across the business.”
