Rolls-Royce Reveals £1bn Share Buyback

Engine manufacturer Rolls-Royce has announced today (June 19) that it will buy back shares worth £1bn ($1.7bn) following the sale of its energy business rather than invest in a major acquisition. The sale of the gas turbine and compressor company to Siemens is expected to be completed by the end of 2014. Following the announcement of the share buyback Rolls-Royce shareprices have jumped more than 5%. The news came at an investor briefing at which the firm confirmed that it expects to deliver more than 4,000 engines between by 2014 and 2023, more than twice the 1,600 deliveries it achieved in the past 10 years.

 

 

TAGS: Europe
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