Rolls-Royce Holdings

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Rolls-Royce Holdings plc
Rolls-Royce
Public limited company
Traded as LSERR.
FTSE 100 Component
Industry Aerospace, Defence, Energy, Marine
Predecessor
Founded
  • (business) 1904; 113 years ago (1904), in Manchester, Lancashire, England (company) inc. February 2011
Founder Charles Rolls and Henry Royce
Headquarters Buckingham Gate, London, SW1
Key people
Ian Davis (Chairman)
Warren East (CEO)
Products
  • Civil and military aero engines
  • Marine propulsion systems
  • Power generation equipment
Revenue £14,955 million (2016)[1]
£44 million (2016)[1]
£(4,032) million (2016)[1]
Total assets £25,538 million (2016)[1]
Total equity £1,862 million (2016)[1]
Number of employees
49,900 (2016)[1]
Subsidiaries
Website rolls-royce.com

Rolls-Royce Holdings plc is a British multinational public limited company incorporated in February 2011 that owns Rolls-Royce, a business established in 1904 and today designs, manufactures and distributes power systems for aviation and other industries. Rolls-Royce is the world’s second-largest maker of aircraft engines[2] and has major businesses in the marine propulsion and energy sectors. All of its shares are tradeable on the London Stock Exchange and other markets.

Rolls-Royce was the world's 16th-largest defence contractor in 2011 and 2012 when measured by defence revenues.[3][4] It had an announced order book of £71.6 billion as of January 2014.[5]

Rolls-Royce Holdings plc is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. As of June 2013, it had a market capitalisation of £22.22 billion, the 24th-largest of any company with a primary listing on the London Stock Exchange.[6] Its headquarters are in London.[7]

History[edit]

Ownership[edit]

Rolls-Royce grew from the engineering business of F H Royce which was established in 1884 and ten years later began to manufacture dynamos and electric cranes. C S Rolls established a separate business with F H Royce in 1904 because Royce had developed a range of cars which Rolls wanted to sell. A corporate owner was incorporated in 1906 with the name Rolls-Royce Limited.[8]

In 1971 the same company, Rolls-Royce Limited, entered voluntary liquidation because it was unable to meet its financial obligations though it remains in existence today, still in liquidation, with a file number for its name. Its business and assets were bought by the government using a company created for the purpose named Rolls-Royce (1971) limited. This (1971) company remains in existence today and carries on Rolls-Royce business under the name Rolls-Royce plc.[9]

Rolls-Royce plc returned to the sharemarkets in 1987 under the government of Margaret Thatcher. In 2003 ownership of Rolls-Royce plc was passed to Rolls-Royce Group plc incorporated 21 March 2003 which issued its own new shares for payment to the previous shareholders. In 2011 in the same way Rolls-Royce Group plc passed ownership on 23 May 2011 to Rolls-Royce Holdings plc a wholly new company incorporated 10 February 2011.[10]

Rolls-Royce plc remains the principal trading company. Rolls-Royce Holdings plc, like its immediate predecessor, is merely a holding company.[10][nb 1]

The 1980s saw the introduction of a policy to offer an engine fitment on a much wider range of civil aircraft types, with the company's engines now powering 17 different airliners (and their variants) compared to General Electric's 14 and Pratt & Whitney's 10.[11]

Acquisitions[edit]

Northern Engineering Industries / broken up and sold[edit]

In 1988, Rolls-Royce acquired Northern Engineering Industries (NEI), a group of heavy engineering companies mainly associated with electrical generation and power management, based in the North East of England. The group included Clarke Chapman (cranes), Reyrolle (now part of Siemens) and Parsons (now part of Siemens steam turbines). The company was renamed Rolls-Royce Industrial Power Group. It was sold off piecemeal over the next decade as the company re-focused on its core aero-engine operations following the recession of the early 1990s.[12]

Allison Engine Company / Rolls-Royce Corporation[edit]

On 21 November 1994, Rolls-Royce announced its intention to acquire the Allison Engine Company, an American manufacturer of gas turbines and components for aviation, industrial and marine engines.[13] The two companies had a technical association dating back to the Second World War. Rolls-Royce had previously tried to buy the company when General Motors sold it in 1993, but GM opted for a management buyout instead for $370 million. Owing to Allison's involvement in classified and export restricted technology, the 1994 acquisition was subject to investigation to determine the national security implications.[14] On 27 March 1995, the US Department of Defense announced that the "deal between Allison Engine Co. and Rolls-Royce does not endanger national security."[15] Rolls-Royce was, however, obliged to set up a proxy board to manage Allison and had also to set up a separate company, Allison Advanced Development Company, Inc., to manage classified programmes "that involve leading-edge technologies" such as the Joint Strike Fighter program.[15] In 2000, this restriction was replaced by a more flexible Special Security Arrangement.[16] In 2001, Rolls-Royce and its LiftSystem was among the group that won the JSF contract for the F-35.[17]

The Allison acquisition, at $525 million (equivalent to £328 million),[13] brought four new engine types into the Rolls-Royce civil engine portfolio on seven platforms and several light aircraft applications. Allison is now known as Rolls-Royce Corporation, part of Rolls-Royce North America.[18]

Vickers / Vinters[edit]

In 1999 Rolls-Royce acquired Vickers plc for its marine businesses.[19] The portion retained is now Vinters Engineering Limited. Rolls-Royce sold Vickers Defence Systems (the other major Vickers area of business) to Alvis plc in 2002, which then became Alvis Vickers.[20]

BMW joint venture / Rolls-Royce Deutschland[edit]

Rolls-Royce has established a leading position in the corporate and regional airline sector through the development of the Tay engine, the Allison acquisition and the consolidation of the BMW Rolls-Royce joint venture. In 1999, BMW Rolls-Royce was renamed Rolls-Royce Deutschland and became a 100% owned subsidiary of Rolls-Royce plc.[21]

SAIC joint venture / Optimized Systems and Solutions[edit]

Optimized Systems and Solutions Limited (formerly known as Data Systems & Solutions) was founded in 1999 as a joint venture between Rolls-Royce plc and Science Applications International Corporation (SAIC). In early 2006, SAIC exited the joint venture agreement, making Rolls-Royce plc the sole owner.[22]

Tognum joint venture with Daimler / Rolls-Royce Power Systems Holding GmbH[edit]

In March 2011, Rolls-Royce and Daimler AG launched a $4.2 billion public tender offer for 100 per cent of the share capital of Tognum AG, the owner of MTU Friedrichshafen – a leading high-speed industrial and marine diesel engine manufacturer, which was completed using a 50:50 joint venture company.[23] Rolls-Royce and Daimler AG intend that the joint venture company, which also now incorporates Rolls-Royce's existing Bergen engine business, is listed on the Frankfurt Stock Exchange.[23]

Aero Engine Controls / Rolls-Royce Controls and Data Services[edit]

Following the acquisition of Goodrich by United Technologies Corporation in July 2012, Rolls-Royce announced it would purchase Goodrich's 50% share of Aero Engine Controls to become wholly owned by Rolls-Royce Plc and a part of the Rolls-Royce Group.[24]

Divestment[edit]

Siemens[edit]

In May 2014, Rolls Royce sold its energy gas turbine and compressor business to Siemens for £785 million.[25]

Major sales[edit]

In 1990, BMW and Rolls-Royce established the BMW Rolls-Royce joint venture to produce the BR700 range of engines for regional and corporate jets, including the BR725 powering the Gulfstream G650, which received EASA Type Certification in June 2009.[26]

Airbus A380[edit]

In 1996, Rolls-Royce and Airbus signed a Memorandum of Understanding, specifying the Trent 900 as the engine of choice for the then A3XX, now called the Airbus A380.[27]

Boeing[edit]

On 6 April 2004, Boeing announced that it had selected both Rolls-Royce and General Electric to power its new 787. Rolls-Royce submitted the Trent 1000, a further development of that series. GE's offering is the GENX, a development of the GE90.[28]

UK C-130 Hercules[edit]

On 13 June 2004, Rolls-Royce was awarded a £110m contract by the Ministry of Defence to supply engines for its C-130 Hercules transport aircraft over the following 5 years.[29]

Airbus A350[edit]

In July 2006, Rolls-Royce reached an agreement to supply a new version of the Trent for the revised Airbus A350 (XWB) jetliner. This engine, the Trent XWB is an engine developed from the Trent 1000, a variant of which was offered for the original A350 proposal. As of July 2015, over 1,500 engines of this type have been supplied to 40 customers.[30]

In October 2006, Rolls-Royce suspended production of its Trent 900 engine because of delays by Airbus on the delivery of the A380 superjumbo. Rolls-Royce announced in October 2007 that production of the Trent 900 had been restarted after a twelve-month suspension caused by delays to the A380.[31]

Tornado Typhoon Lightning[edit]

On the military side, Rolls-Royce, in co-operation with other European manufacturers, has been a major contractor for the RB199 which in several variants powers the Panavia Tornado, and also for the EJ200 engine for the Eurofighter Typhoon. Two modified RB199 engines also powered the EAP demonstrator which evolved into the Typhoon. Rolls-Royce has matured the Rolls-Royce LiftSystem invented by Lockheed Martin for the Joint Strike Fighter (JSF) F-35 Lightning II to production level, planned to be produced in significant numbers.[32]

Air China[edit]

At the 2005 Paris Air Show, Rolls-Royce secured in excess of $1 billion worth of orders. The firm received $800m worth of orders from Air China to supply its 20 Airbus A330 jets.[33]

Qatar Airways[edit]

On 18 June 2007, Rolls-Royce announced at the 2007 Paris Air Show that it had signed its biggest ever contract with Qatar Airways for the Trent XWB to power 80 A350 XWBs on order from Airbus worth $5.6 billion at list prices.[34] On 11 November 2007, another large contract was announced at the Dubai Airshow from Emirates for Trent XWBs to power 50 A350-900 and 20 A350-1000 aircraft with 50 option rights. Due to be delivered from 2014, the order is potentially worth up to 8.4 billion US Dollars at list prices, including options.[35]

On 20 November 2007, Rolls-Royce announced plans to build its first Asian aero engine facility in the Seletar Aerospace Park, Singapore.[36] The $562m (£355m) plant complements its existing facility at Derby by concentrating on the assembly and testing of large civil engines, including Trent 1000 and Trent XWB. Productivity will be higher than at Derby, as the plant is fully integrated, as opposed to manufacturing occurring across five sites in the UK: a Trent 900 will take only 14 days to manufacture, as opposed to 20 in the UK. Originally expected to provide employment for 330 people,[37] by the start of production in 2012, 1,600 employees were based in Singapore.[38]

During the 2011 Avalon Airshow, Rolls-Royce faced questions concerning incidents with its Trent 900 Turbofan used to power the Airbus A380 aircraft. One of the engines suffered a partial power loss during a Qantas flight in February 2011. This followed an incident in November 2010 in which an engine disintegrated in flight causing Qantas Flight 32 to make an emergency landing in Singapore.[39] The aircraft was extensively damaged and the airline grounded its fleet of A380s. The problem was traced to a fatigue crack in an oil pipe requiring the replacement of some engines and modifications to the design.[40] Trent-powered A380s operated by Lufthansa and Singapore Airlines were also affected. Qantas gradually returned its A380s to service over several months. In June 2011 the airline announced it had agreed to compensation of US$100m from Rolls-Royce.[41]

Nuclear submarines[edit]

In May 2012, Rolls-Royce won a Ministry of Defence contract worth more than £400 million for the integration of the reactor design, the PWR3, for UK’s next generation nuclear-armed submarines.[42]

Emirates[edit]

On 17 April 2015, it was announced that Rolls-Royce had received its largest order to date worth £6.1bn ($9.2bn) to supply engines for 50 Emirates A380 planes.[43][44][45]

Corruption allegations[edit]

Rolls-Royce has been accused numerous times of corrupt practices and bribery. Most recently, in 2014, facing allegations of bribery in the aftermath of the Sudhir Choudhrie affair, Rolls-Royce offered to return money to the Indian government.[46] The Serious Fraud Office (SFO) also investigated allegations of bribery in Indonesia and China.[47]

In February 2015 Rolls-Royce was accused of bribing an employee of Brazil’s state-controlled oil company to win a $100 million contract to provide gas turbines for oil platforms.[48]

In October 2016 a joint Guardian and BBC investigation alleged widespread corruption by Rolls-Royce through middlemen in foreign countries including Brazil, India, China, Indonesia, South Africa, Angola, Iraq, Iran, Kazakhstan, Azerbaijan, Nigeria and Saudi Arabia. Rolls-Royce became subject to a major SFO investigation.[49]

Alleged defects[edit]

In 2013 media reported allegations from two American ex-employees that thousands of the company's new jet engines were assembled with used parts.[50]

Settlement with SFO[edit]

In January 2017 Rolls-Royce came to an agreement with the SFO to pay £671 million under a deferred prosecution agreement to avoid prosecution for bribery to obtain export contracts.[51][52] As part of this agreement, a $170 million fine was paid to US authorities to end a bribery investigation,[53] and $25 million to the Brazilian authorities.[51]

Subsequent to the settlement, Private Eye reported that some of Rolls-Royce's contracts under the scope of the SFO investigation had been supported by the British government's UK Export Finance department, using taxpayers' money. The government department underwrote multimillion-pound liabilities under Rolls-Royce contracts secured with the help of bribes and "facilitation" commissions. It has also been highlighted in the press that Rolls-Royce's auditor since 1995, KPMG, had failed to identify any corrupt practices throughout the 1990s and 2000s. This is notable considering judge Brian Leveson's statement that Rolls-Royce's offending was "multi-jurisdictional, numerous", "persistent and spanned from 1989 until 2013", and it "involved substantial funds being made available to fund bribe payments".[54]

Governance[edit]

As of 2017 the board of directors[55] consists of

  1. Ian Davis, Chairman
  2. Warren East, Chief Executive
  3. Steven Daintith, Finance director
  4. Pamela Coles, Company Secretary
  5. Lewis Booth, Senior Independent director
  6. Kevin Smith, Senior Independent director
  7. Ruth Cairnie, Non-executive director
  8. Frank Chapman, Non-executive director
  9. Lee Hsien Yang, Non-executive director
  10. Jasmin Staiblin, Non-executive director
  11. Irene Dormer, Non-executive director
  12. Beverley Goulet, Non-executive director
  13. Bradley Singer, Non-executive director

Products[edit]

Rolls-Royce's aerospace business makes commercial and military gas turbine engines for military, civil, and corporate aircraft customers worldwide. In the United States, the company makes engines for regional and corporate jets, helicopters, and turboprop aircraft. Rolls-Royce also constructs and installs power generation systems. Its core gas turbine technology has created one of the broadest product ranges of aero-engines in the world, with 50,000 engines in service with 500 airlines, 2,400 corporate and utility operators and more than 100 armed forces, powering both fixed- and rotary-wing aircraft. Rolls-Royce Marine Power Operations Ltd (a subsidiary company) manufactures and tests nuclear reactors for Royal Naval submarines.

Aerospace[edit]

Rolls-Royce Trent 900 on the prototype Airbus A380. This aircraft carries four engines.
The Rolls-Royce LiftSystem coupled to an F135 turbofan at the Paris Air Show in 2007
Diagram of LiftSystem components and airflow

Turbojets[edit]

Turbofans[edit]

Turboprops/turboshafts[edit]

Rocket engines[edit]

Marine[edit]

STX Europe dockyard where Rolls-Royce plant is located at Rauma, Finland

Gas turbines[edit]

Propulsion[edit]

Submarine[edit]

Stabilizers[edit]

  • Brown Brothers Legacy Stabilizers
  • Brown Brothers Neptune or VM Stabilizers
  • Brown Brothers Aquarius Stabilizers

Energy – oil & gas[edit]

Now a part of Siemens.

Gas turbines[edit]

Compressors[edit]

Energy – power generation[edit]

The Energy division of Rolls-Royce was acquired by Siemens in 2014 and Rolls-Royce no longer caters to the Oil & Gas or Power Generation Industry.

Gas turbines[edit]

Rolls Royce is consistently working on the industrial gas turbines. Montreal, Canada is where research work is done on gas generators. Mount Vernon will support complete packaging of the Gas turbine. Shipping of the complete skid is done from Mt Vernon.

Distributed generation systems[edit]

See also[edit]

References[edit]

Notes[edit]

  1. ^ a b c d e f "Annual Report 2016" (PDF). Rolls Royce. Retrieved 11 April 2017. 
  2. ^ Wall, Robert (26 February 2014). "Rolls-Royce unveils new engine for future Boeing, Airbus planes". Bloomberg Business Week. 
  3. ^ "Defense News Top 100 for 2012". Defense News. Retrieved 25 May 2012. [permanent dead link]
  4. ^ "Defense News Top 100 for 2013". Defense News. Archived from the original on 10 October 2013. Retrieved 15 February 2014. 
  5. ^ Hoyos, Carola (13 February 2014). "Rolls-Royce comes down to earth". Financial Times. Retrieved 15 February 2014. 
  6. ^ "FTSE All-Share Index Ranking". stockchallenge.co.uk. Retrieved 15 June 2013. 
  7. ^ "Rolls-Royce headquarters". Rolls-Royce Group plc. Retrieved 28 September 2010. 
  8. ^ "Rolls-Royce Limited History". motor-car. Retrieved 11 April 2017. 
  9. ^ "Rolls-Royce plc". Companies House. Retrieved 11 April 2017. 
  10. ^ a b Rolls-Royce Holdings plc, Annual Report 2011 accessed 27 January 2017
  11. ^ "Rolls-Royce delivers the first Trent aero engine produced in Singapore". Rolls Royce. Retrieved 11 April 2017. 
  12. ^ "The crane makers". NZR Cranes. Archived from the original on 3 March 2016. Retrieved 21 March 2015. 
  13. ^ a b Lazonick, William & Prencipe, Andrea. "Sustaining the Innovation Process: The Case of Rolls-Royce plc" page 18. Retrieved: 18 September 2010. Archive
  14. ^ Ashbourne, Alex. Opening the US Defence Market Archived 9 October 2009 at the Wayback Machine. Centre for European Reform page 6, October 2000. Retrieved: 18 September 2010.
  15. ^ a b "DoD is satisfied that deal between Allison Engine Co. and Rolls Royce does not endanger national security" United States Department of Defense, 27 March 1995. Retrieved: 3 October 2012. Archived on 14 October 2013.
  16. ^ Lorell et al Going Global? page 175, RAND Corporation, 2002. Retrieved: 18 September 2010. Archive
  17. ^ Bolkcom, Christopher. JSF: Background, Status, and Issues page CRS-4, dtic.mil, 16 June 2003. Retrieved: 18 September 2010. Archive
  18. ^ "Rolls-Royce celebrates centennial of Indianapolis operations" (PDF). Rolls Royce. Retrieved 11 April 2017. 
  19. ^ "Rolls-Royce to Buy Vickers for $933 Million". New York Times. 21 September 1999. Retrieved 21 March 2015. 
  20. ^ "Alvis leads in UK tank race". BBC. 2 August 2002. Retrieved 21 March 2015. 
  21. ^ "Rolls-Royce Deutschland". EWMD. Retrieved 21 March 2015. 
  22. ^ "Data Systems & Solutions expands aftermarket services with Coredata acquisition". Coredata. Archived from the original on 17 April 2015. Retrieved 21 March 2015. 
  23. ^ a b Arnott, Sarah (10 March 2011). "Rolls-Royce and Daimler bid €3.2bn for Tognum". The Independent. UK. Retrieved 10 March 2011. 
  24. ^ "Rolls-Royce buys out Aero Engine Controls partner Goodrich". 8 June 2012. Retrieved 28 June 2015. 
  25. ^ Tasim Zahid (6 May 2014). "Rolls Royce sells energy gas turbine business to Siemens". Reuters. 
  26. ^ "Rolls-Royce BR725 engine receives EASA Type certification". Rolls Royce plc. 24 June 2009. Archived from the original on 24 August 2011. 
  27. ^ "A3XX programme gathers momentum as MoU is signed with Rolls-Royce". Flight Global. 13 November 1996. Retrieved 21 March 2015. 
  28. ^ "Rolls confident on Dreamliner project". Free Library. Retrieved 17 March 2013. 
  29. ^ "Penny Shares Online". 10 July 2006. Retrieved 13 July 2006. 
  30. ^ "Derby's Rolls-Royce signs £340m engine support deal with Vietnam Airlines". Derby Telegraph. Retrieved 21 October 2015. 
  31. ^ "Rolls-Royce settles into a launch groove for A380". Flight International. 15 October 2007. Retrieved 17 October 2007. 
  32. ^ "Rolls-Royce welcomes green light on Joint Strike Fighter programme". The Manufacturer. Retrieved 17 March 2013. 
  33. ^ BBC (20 July 2005). "Air China at Paris Air Show". BBC News. Retrieved 13 July 2006. 
  34. ^ "Rolls-Royce inks biggest-ever sale". Flight International. 19 June 2007. Retrieved 20 June 2007. 
  35. ^ "Emirates places $8.4bn order for Rolls-Royce Trent XWB". Archived from the original on 21 November 2008. Retrieved 14 November 2007. 
  36. ^ "Channel NewsAsia". Channel NewsAsia. Retrieved 21 March 2015. 
  37. ^ "News". rolls-royce.com. Archived from the original on 21 November 2008. Retrieved 21 March 2015. 
  38. ^ Saira Syed (2 February 2012). "Rolls-Royce gears up for Singapore production". BBC News. Retrieved 2 February 2012. 
  39. ^ Heasley, Andrew (3 March 2011). "Rolls-Royce speaks out after more Qantas engine problems". The Age. Australia. Retrieved 9 March 2011. 
  40. ^ "Trent 900 update". Rolls-Royce. 12 November 2010. Archived from the original on 15 November 2010. Retrieved 23 November 2010. 
  41. ^ "Qantas, Rolls-Royce settle over blast that grounded A380 fleet". The (Montreal) Gazette. 22 June 2011. Retrieved 22 June 2011. 
  42. ^ "Rolls-Royce". BBC News. 22 May 2012. Retrieved 24 May 2012. 
  43. ^ "Emirates A380". Emirates. Retrieved 4 April 2011. 
  44. ^ "Rolls-Royce receives record £6bn engine order". BBC News. 17 April 2015. 
  45. ^ Osborne, Tony (17 April 2015). "Emirates Orders Trent 900 For Future A380s". Aviation Week & Space Technology. Archived from the original on 17 April 2015. Retrieved 17 April 2015. 
  46. ^ "Rolls Royce to return to govt Rs 18 crore paid to commission agents". indiatimes.com. PTI. 9 March 2014. Retrieved 9 March 2014. 
  47. ^ Osborne, Alistair (1 May 2014). "Rolls-Royce chief 'optimistic' over Siemens deal". www.telegraph.co.uk. Telegraph Media Group Limited. Retrieved 5 May 2014. 
  48. ^ "Report: Rolls Royce accused of bribing Petrobras for $100 million contract". Petro Global News. Retrieved 18 February 2015. 
  49. ^ "Rolls-Royce middlemen may have used bribes to land major contracts". Guardian Newspaper. Guardian Newspaper. 2016-10-31. Retrieved 2016-11-02. 
  50. ^ Eirik Winsnes. "Beskylder Rolls-Royce for å ha brukt skrapdeler i flymotorer". E24. Retrieved 21 March 2015. 
  51. ^ a b Rob Evans, David Pegg, Holly Watt (17 January 2017). "Rolls-Royce to pay £671m over bribery claims". The Guardian. Retrieved 17 January 2017. 
  52. ^ "Rolls-Royce in £671m bribery settlement". BBC News. 17 January 2017. Retrieved 17 January 2017. 
  53. ^ "U.S. says Rolls-Royce to pay $170 million as part of bribery settlement". Reuters. 17 January 2017. Retrieved 17 January 2017. 
  54. ^ "Rolls of dishonour". Private Eye. London: Pressdram Ltd. 27 January 2017. 
  55. ^ [1], Rolls-Royce Holdings plc

Bibliography[edit]

  • Gunston, Bill. Development of Piston Aero Engines. Cambridge, UK. Patrick Stephens Limited, 2006. ISBN 0-7509-4478-1.
  • Newhouse, John. The Sporty Game: The High-Risk Competitive Business of Making and Selling Commercial Airliners. New York: Alfred A. Knopf, 1982. ISBN 978-0-394-51447-5.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, The First 40 Years. London: Icon Books, 2000. ISBN 1-84046-151-9.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, Part 2, The Power Behind the Jets. London: Icon Books, 2001. ISBN 1-84046-284-1.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, Part 3, A Family of Engines. London: Icon Books, 2002. ISBN 1-84046-405-4.

Footnotes[edit]

  1. ^
    Companies with shares available to the general public
    • 1906 company, Rolls-Royce Limited. Its shares became more or less valueless in 1971 and their price sank as low as a penny from a high of £1.25.
    By the time the liquidation was effectively complete those shareholders had received more than £0.60 per share from the liquidation and they may have bought them for around a penny.
    • 1971 company, floated as Rolls-Royce plc still owns the principal business but itself was sold to the new holding company in 2003
    • 2003 company floated as Rolls-Royce Group plc bought the 1971 company
    • 2011 company floated as Rolls-Royce Holdings plc bought the 1971 company from the 2003 company

External links[edit]