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.
