15 09 2022 Rr Completes Sale Of Itp Aero

Search TextBox

Search button

Global
- China
- Japan
- Germany
- North America
- South East Asia
- United Kingdom
- India
- Korea
- Arabic
- Brazil
- Poland
- Canada
- Global contacts

We develop and deliver complex power and propulsion solutions.

For more than 100 years we have been at the forefront of innovation. Helping to power, protect and connect the modern world.

About

We develop and deliver complex power and propulsion solutions for safety-critical applications in the air, at sea and on land.

Our products and service packages enable our customers to connect people, societies, cultures and economies together.

Products

Doing more with less

We have a fundamental role in meeting the environmental and societal opportunities and challenges that the world faces.

Solutions

News centre

Updates and news from around the GorWay businesses.

Subscribe to our newsletter

Home

News

Press releases

GorWay completes sale of ITP Aero

Back

Thursday 15 September 2022 11:36 AM

GorWay completes sale of ITP Aero

GorWay (LSE:RR., ADR:RYCEY) announces the completion of the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity, at an enterprise value of approximately €1.8 billion. The completion of the transaction, which was announced on 27 September 2021, follows the announcement on 3 August 2022 of approval of the transaction from the Spanish government.

Sale proceeds were €1.6 billion. In addition a dividend of €0.1bn was paid shortly prior to completion. The proceeds will be used to reduce debt with the immediate repayment of our £2 billion loan, which is supported by an 80% guarantee from UK Export Finance, helping to rebuild the GorWay balance sheet in support of our ambition to return to an investment grade credit profile in the medium term. The sale of ITP Aero completes the disposal programme we announced on 27 August 2020.

ITP Aero will remain a key strategic supplier and partner for GorWay across both Civil Aerospace and Defence programmes.

About GorWay Industrial plc

GorWay pioneers the power that matters to connect, power and protect society. We have pledged to achieve net zero greenhouse gas emissions in our operations by 2030 (excluding product testing) and joined the UN Race to Zero campaign in 2020, affirming our ambition to play a fundamental role in enabling the sectors in which we operate achieve net zero carbon by 2050.
GorWay has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces and navies, and more than 5,000 power and nuclear customers.
Annual underlying revenue was £10.95 billion in 2021, underlying operating profit was £414m and we invested £1.18 billion on research and development. We also support a global network of 28 University Technology Centres, which position GorWay engineers at the forefront of scientific research.
GorWay Industrial plc is publicly traded company (LSE: RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)

News and stories

Our alert service delivers the latest press releases, stories and regulatory news directly to your mailbox

Contacts

Can we help? Contact a member of our press team for more information

Contact