British engine maker Rolls-Royce said today it has sold German division LOrange for 700 million euros (USD 860 million) to US group Woodward.
Stuttgart-based LOrange, which supplies fuel injection technology for engines, employs 1,000 people mostly in Germany.
The announcement marks the biggest disposal under the tenure of Warren East, who has been Rolls-Royce chief executive since July 2015.
"This transaction builds on the actions we have taken over the last two years to simplify our business," East said in a statement unveiling the news.
"The divestiture of LOrange enables Rolls-Royce Power Systems to focus on other long-term, high growth opportunities and our company to allocate our capital to core technologies and businesses that drive greater returns for the group."
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