During its November 28 Capital Markets Day, in which the company set mid-term financial targets, Rolls-Royce Chief Executive Tufan Erginbilgic announced the company would be quitting the advanced air mobility electric engine business.
“We are today announcing a Group-wide divestment program, targeting gross proceeds of between UKP1.0bn and UK1.5bn over the next five years, which do not form part of our Free Cash Flow targets,” he said. “We will only sell assets at the right time and at the right price. For example, in Rolls-Royce Electrical we are looking at options to exit in the short run or alternatively for the right value, reduce our position to minority with an intention to exit fully in the mid-term. We believe, given the world-class capability we have built in Advanced Air Mobility, that this will represent good value to a third party and will allow us to focus on our core electrical engineering activities in Power Systems, Defence and Civil Aerospace.”
For more information
https://www.rolls-royce.com/media/press-releases/2023/28-11-2023-capital-markets-day.aspx
(Image: Tufan Erginbilgic, image: Rolls-Royce)