APRIL 28, 2015 — Rolls-Royce has confirmed its intention of selling its Michell Bearings business to British Engines Limited for a cash consideration of £12.6 million. Subject to license consents, the sale will be completed in the fall.
Michell Bearings consists of a business based in the U.K., located in Newcastle-upon-Tyne, and a 51% shareholding in Michell Bearings (India) Pvt Ltd, a non-wholly owned subsidiary company based in Bangalore.
Michell Bearings has been part of the Rolls-Royce Marine business for the past 15 years and is a premium designer and manufacturer of hydrodynamic bearings for a wide range of marine and industrial applications.
Marine products include:
- Main propulsion thrust blocks
- Propeller shaft bearings
- Bearings for electric propulsion motors, diesel generators and alternators
- Marine gearbox bearings
- Ancillary machinery bearings
- Hydraulic and electronic thrust metering equipment
"The agreement announced today will allow Rolls-Royce to concentrate on the core areas of our Marine business where we can add most value," said Mikael Makinen, Rolls-Royce, President – Marine. "It will also present Michell Bearings with fresh opportunities by aligning the business with British Engines, which has a long history in the North East of England.
"We will offer full support to employees who are impacted by the change and we wish British Engines and its employees all the very best with the future development of the Michell Bearings business."