Rolls-Royce is to take full control of Spanish engine maintenance and component manufacturing company ITP.
The British OEM will pay SENER €720m to acquire the 53 per cent of ITP it does not currently own, as part of a deal that should complete next year.
Up to have the purchase price can be paid in Rolls-Royce shares. ITP manufactures low-pressure turbines for the Trent family of engines and also works closely with Rolls on research for its coming ‘Ultrafan’ class of engines.
“This investment will add to our aerospace capability, with excellent facilities, services and products, to generate additional opportunities for profitable growth,” says Rolls-Royce CEO Warren East.