Rolls Royce has sold its energy gas turbine and compressor business to Siemens for more than $1.4 billion.
The business provides aero-derivative gas turbines, compressor systems, and related services to the resources sector.
Upon completion of the sale Rolls Royce will recieve an addtional $363 million for a 25 year licensing agreement which allows Siemens to access Rolls Royce's aero-derivative technology for use in the four to 85 MW power output gas turbine range.
Rolls Royce CEO John Rishton said "this agreement will give the energy business greater opportunties as part of a much larger energy company and allows Rolls Royce to concentrate on areas of the business where we can add the most value".
The business has approximately 2400 employees.
Image: The Telegraph