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04 Feb 2021 | 10:17

Rolls-Royce to sell Bergen Engines to Russia's TMH for €150m

(Sharecast News) - Rolls-Royce has agreed to sell the Bergen Engines medium speed gas and diesel engines business to Russian engineering company TMH Group for about €150m. The agreement follows a strategic review of the business that was announced last February. The sale includes the medium speed engine factory, service workshop and foundry in Norway; engine and power plant design capability; and a global service network spanning more than seven countries.

The engine maker's chief executive officer, Warren East, said: "We believe that this agreement is a good outcome for the Bergen Engines business and its people. The sale of Bergen Engines is a part of our ongoing portfolio evaluation to create a simpler, more focused group and contributes towards our target to generate at least £2bn from disposals, as announced in August."

The transaction is expected to close in the second half of this year.
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