Rolls-Royce says CEO did not suggest Raytheon aimed to spin off P&W
Reuters
Published Jul 20, 2022 09:14AM ET
FARNBOROUGH, England (Reuters) - Rolls-Royce (OTC:RYCEY) on Wednesday said its chief executive had not speculated that Raytheon Technologies (NYSE:RTX) might spin off rival engine maker Pratt & Whitney (P&W), rejecting a report published by an aviation website.
"We would never comment on another company's structure and did not do so on this occasion," a Rolls-Royce spokesperson said.
Asked by "The Air Current" if a potential Raytheon (NYSE:RTN) spin-off of P&W might change the conversation regarding Rolls and P&W possibly collaborating on engines for narrowbody airliners, CEO Warren East replied "Well, it might".
East previously has said the narrowbody engine market represents an attractive opportunity, but that Rolls would only return to it in a partnership that would enable it to increase production capacity.
Rolls-Royce left the narrowbody market after announcing in 2011 it had agreed to sell its 32.5% stake in the International Aero Engines joint venture to partner P&W's then parent, United Technologies.
Raytheon did not immediately respond to a request to comment.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.