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Rolls-Royce Offloads Ailing Marine Arm to Norway's Kongsberg

  • Deal will have an enterprise value of 500 million pounds
  • Buyer is 50 percent owned by Scandinavian state’s government
"Loch Ness Monster" Found
Photographer: Jeff J Mitchell/Getty Images
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Rolls-Royce Holdings Plc agreed to sell its unprofitable ship-design arm to Kongsberg Gruppen ASA of Norway in what amounts to a state rescue for an oil-focused business by the country where most of its 3,600 workers are based.

The deal will have an enterprise value of 500 million pounds ($660 million), Rolls said in a statement Friday. The U.K. jet-engines giant revealed in January that it was looking at offloading the unit, though the agreement with Kongsberg doesn’t include naval activities or the Bergen engines brand.