Rolls-Royce has signed an agreement to sell its civil nuclear instrumentation and control business to Framatome. The business includes all the Rolls-Royce activities and teams based in Grenoble (France), Prague (Czech Republic), Beijing and Shenzhen (China).
No UK-based employees are affected, as this agreement does not include the UK civil nuclear business, or small modular reactor activities, which will continue to operate, and are expected to contribute to the provision of low carbon power.
Warren East, Rolls-Royce CEO, said: “This transaction marks a further simplification of our business and contributes towards our target to generate over £2bn from disposals, as announced on 27 August 2020. We also believe it represents the best outcome for this part of our civil nuclear operations and its people.”
The transaction is expected to be completed at the beginning of H2 in 2021, subject to closing conditions, including regulatory approvals. In the meantime, the two companies remain independent and will continue to operate as normal. The I&C business will continue to deliver business commitments and customer satisfaction.
In 2019, the I&C business included in the agreement had 550 employees and reported revenues of €94 million. Financial details of the transaction are not being disclosed.