Rolls-Royce: Automotive veteran appointed to head subsidiary ROLLS-ROYCE Automotive veteran Jorg Stratmann has been appointed as boss of Rolls-Royce’s subsidiary firm, Power Systems. Stratmann, who stepped down as chief executive of automotive supplier Mahle last year, will join the engine maker on 15 November. The automotive veteran will report to the wider group’s boss Warren East until the end of the year, when [...]
Rolls-Royce finalises £1.5bn sale of Spanish subsidiary to Bain ROLLS ROYCE Rolls-Royce has finalised the €1.8bn (£1.5bn) sale of Spanish subsidiary ITP Aero to a group of investors led by private equity giant Bain. Following the £1.5bn sale, shares went up 3 per cent. “ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes,” Rolls Royce said [...]
BAE backed spacecraft designer Reaction Engines prepares for IPO Reaction Engines Boeing and Rolls-Royce backed aerospace engineering firm Reaction Engines is preparing to launch a more than £1bn initial public offering (IPO). The Oxfordshire-headquartered spaceplane designer has told shareholders it intends to raise a pre-IPO round of funding, with a view to listing its shares on public markets as soon as 2024, Sky News first reported. [...]
Rolls-Royce shares dive as soaring costs squeeze profits August 4, 2022 Rolls-Royce reported a slowdown in profits in the first six months of the year as a cocktail of snarled supply chains, soaring inflation and war in Ukraine caused costs to spiral.
Union rejects Rolls Royce’s £2k one-off ‘cost of living’ payment to workers June 21, 2022 A union representing Rolls Royce workers has snubbed the offer of a £2,000 one-off payment from the firm to help ease the cost of living crunch on staff.
Rolls-Royce gives staff £2k to help with cost of living crunch June 20, 2022 Rolls-Royce is set to pay three-quarters of its workers £2,000 help with the cost of living crunch.
KPMG fined £3.4m over Rolls Royce audit failings May 24, 2022 Big four firm KPMG has been fined £3.4m over its audit of Rolls Royce. The company was slapped with the penalty by the financial regulator over its failings to address problems at the company in a 2010 audit. This is the fourth fine imposed on KPMG in 2022 according to the FT. The Financial Reporting [...]
Rolls-Royce trading in line with expectations following aviation recovery May 12, 2022 Rolls-Royce’s trading in the first four months of the year has remained in line with expectations following the aviation sector’s gradual recovery and investments into defence. Despite market volatility and other macroeconomic and geopolitical headwinds, the group said today it was expecting “positive momentum in our financial performance in 2022” and maintained its financial guidance [...]
BAE Systems and Rolls Royce win £2bn contracts to boost submarine nuclear programme May 9, 2022 BAE Systems and Rolls-Royce have been granted defence contracts worth more than £2bn to boost the country's nuclear deterrent programme.
Terrible Tuesday for Rolls-Royce as shares plunge after JP Morgan downgrades firm and slashes target price April 12, 2022 Shares in engineering giant Rolls-Royce tanked this morning after bankers at JP Morgan downgraded the stock to ‘underweight’ and slashed its target price.