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Spain: Rolls-Royce buys out Spanish turbine maker

By  |  July 12, 2016

Rolls-Royce Holdings has announced its bid for 53.1% of Spanish turbine makers Industria de Turbo Propulsores, part of the Sener Engineering group, for approximately 720 million euros, to be paid over two years. With this move, Rolls-Royce bolsters its growth plans for its large civilian engine division.

ITP, based out of Bilbao, employs over 3000 workers in its plants in Spain, Mexico, India, Malta, the United States and the UK. After divesting its shares in ITP, Sener has announced it will focus on its main engineering and construction units “devoting further resources to R & D and to the development of our ambitious international strategy.”

Full Content: El País

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