As part of its £2 billion disposal plan announced in August, Rolls-Royce has announced that it intends to dispose of Industria de Turbo Propulsores (ITP Aero) which has seen a continued negative impact on trading owing to the challenging civil aerospace market.
However, defense, which represents 25% of ITP Aero volumes, benefited from the Eurofighter order from the German Airforce for 56 EJ200 engines. The sale of the Spanish aero engine manufacturing subsidiary of Rolls-Royce is expected to take place in the first half of 2021. “The first half of next year we’ll see as engaging with the buyer universe around the ITP business,” chief finance officer Stephen Daintith told reporters on December 11.
Established in 1989 as a joint venture between Spain’s SENER and Rolls-Royce, and at one point had grown to become the ninth-largest aircraft engine and components manufacturer in the world in terms of revenue. ITP Aero is involved in the design, research and development, manufacturing and casting, assembly, and testing of aeronautical engines, while also providing MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. With a global network of production facilities in Spain, United Kingdom, Mexico, United States, Malta and India, ITP Aero’s headquarters are located in Zamudio, near Bilbao, in Spain and has over 3,500 employees.
