June 4, 2018 / 6:18 AM / in 6 months

Rolls-Royce completes sale of parts maker L'Orange to Woodward

An Airbus A350 is pictured with a Rolls-Royce logo at the Airbus headquarters in Toulouse, France December 4, 2014. REUTERS/ Regis Duvignau/File Photo

LONDON (Reuters) - Britain’s Rolls-Royce (RR.L) said it had completed the sale of Germany-based diesel parts maker L’Orange to U.S.-based engineering company Woodward Inc (WWD.O) with net proceeds totalling 673 million euros.

Rolls-Royce sold the business as part of a plan to simplify its operations.

The proceeds compared to the 700 million euros sale figure the company gave at the time when the disposal was announced in April.

“Net proceeds totalled 673 million euros after transaction costs and other adjustments and included a cash contribution reflecting 2018 trading prior to the dateof completion,” Rolls said in a statement on Monday.

Reporting by Sarah Young; editing by Kate Holton

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