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Rolls-Royce Holdings

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This article is about the Rolls-Royce aircraft engine and power systems business and its owner since 1987. For previous owners, seeRolls-Royce Limited.For the present day manufacturers of automobiles, seeRolls-Royce Motor Cars.For other uses, seeRolls-Royce.

Rolls-Royce Holdings plc
Rolls-Royce
Company typePublic limited company
LSE:RR.
FTSE 100 Component
ISINGB00B63H8491Edit this on Wikidata
IndustryAerospace,Defence,Energy,Marine
Predecessor
Founded
  • Partnership:23 December 1904;119 years ago(1904-12-23)
  • Business:15 March 1906;118 years ago(1906-03-15),inManchester,Lancashire,England
  • Company:incorporated 10 February 2011(2011-02-10),transition completed 23 May 2011(2011-05-23)
FounderCharles RollsandHenry Royce(asRolls-Royce Limited)
HeadquartersKings Place,London,England, United Kingdom
Key people
Anita Frew(Chairperson)
Tufan Erginbilgic (CEO)
Products
  • Civil and military aero engines
  • Marine propulsion systems
  • Power generation equipment
RevenueIncrease£16,486 million (2023)[1]
Increase£1,944 million (2023)[1]
Increase£2,404 million (2023)[1]
Total assetsIncrease£31,512 million (2023)[1]
Total equityIncrease£(3,629) million (2023)[1]
Number of employees
50,000 (2024)[2]
Subsidiaries
Websiterolls-royce

Rolls-Royce Holdings plcis a Britishmultinationalaerospace and defence company incorporated in February 2011. The company owns Rolls-Royce, a business established in 1904 which today designs, manufactures and distributes power systems for aviation and other industries. Rolls-Royce is the world's second-largest maker ofaircraft engines[3](afterCFM International)[4]and has major businesses in the marine propulsion and energy sectors.

Rolls-Royce was the world's 16th largestdefence contractorin 2018 when measured by defence revenues.[5]The company is also the world's fourth largest commercial aircraft engine manufacturer, with a 12% market share as of 2020.[6]

Rolls-Royce Holdings plc is listed on the London Stock Exchange, where it is a constituent of theFTSE 100 Index.At the close of London trading on 28 August 2019, the company had amarket capitalisationof£4.656bn, the 85th-largest of any company with a primary listing on the London Stock Exchange.[7]

The company'sregistered officeis atKings Place,nearKings CrossinLondon.[8]

History

[edit]

Ownership

[edit]

Rolls-Royce grew from the engineering business ofHenry Royce,which was established in 1884 and ten years later began to manufacture dynamos and electric cranes.Charles Rollsestablished a separate business with 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 nameRolls-Royce Limited.[9]

In 1971 the same company, Rolls-Royce Limited, entered voluntary liquidation because it was unable to meet its financial obligations. It remains in existence today, still in liquidation. Its business and assets were bought by the government using a company created for the purpose named Rolls-Royce (1971) Limited.Rolls-Royce Motorswas separated out in 1973. Rolls-Royce (1971) Limited currently carries on the business under the name Rolls-Royce plc.[10]

Rolls-Royce plc returned to the stock market in 1987 under the government ofMargaret Thatcher.In 2003 ownership of Rolls-Royce plc was passed to Rolls-Royce Group plc. In the same way, Rolls-Royce Group plc passed ownership on 23 May 2011 to Rolls-Royce Holdings plc.[11]Throughout these corporate changes Rolls-Royce plc has remained the principal trading company.[11][nb 1]

Growth

[edit]

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 toGeneral Electric's 14 andPratt & Whitney's 10.[12]

The civil engines business represents the company's main area of growth. Between 2010 and 2018, Rolls-Royce invested £11 billion in facilities andR&Dand launched six new civil engines including theTrent XWBand thePearl15 for the business aviation market. It secured orders for 2,700 engines forwide-bodyaircraft andbusiness jets.It expects to produce over 600 wide-body engines a year and should power over half of the world's wide-body fleet within a few years, up from 22% a decade before.[13]

In 2023, Rolls-Royce entered into an agreement for $3.52 million of funding with theUK Space Agencyfor the creation of a nuclear reactor on the moon. The project is intended to provide power for space missions.[14]

Restructuring

[edit]

In 2014 and 2015, Rolls-Royce issued at least four profit warnings due to US defence cuts, a downturn in the offshore oil and gas market and its civil aerospace business, the company initiated job cuts of over 3,000 in response.[15][16][17][18]Rolls-Royce had been selling many of its aero-engines in combination with long-term service contracts. Even though the company booked profits in part with the delivery of the engine, actual payments only came in over time. Between 2003 and 2015, it sold a majority of its engines with these “TotalCare” contracts.[19]The company announced it would no longer be able to move its revenues forward from its long-term service contracts to compensate for its contracts being unprofitable in the early stages after the introduction ofIFRS15 in 2018 and its profits for 2015 would have been £900m lower than the £1.4bn it reported if it had followed thenew accounting standard.[20][21][22]

In February 2017 Rolls-Royce posted its largest ever pre-tax loss of £4.6 billion; This included a £4.4 billionwritedownon financial hedges that the company uses to protect itself against currency fluctuations, and a £671 million penalty to settle bribery and corruption charges with theSerious Fraud Office(SFO), the US Department of Justice, and Brazilian authorities.[23]

On 14 June 2018 the company announced a restructuring of the business to create three simplerdecentralisedunits (civil aerospace,defenceandpower systems), to rationaliseback officefunctions and to removemiddle managementfunctions. Thecost savingsshould amount to £400 million per year by 2020, with an up-front restructuring cost of £500 million. Some 4,600 people[24]are likely to leave the business out of 55,000 employed worldwide, 3,000 job losses from the UK and the rest from elsewhere in the world[25](15,700 of the employees work inDerbyand 10,300 work elsewhere in the United Kingdom).[26][27]

In August 2018 Rolls-Royce announced it was taking a charge of £554 million to cover faults with someTrent 1000 enginesonBoeing 787 Dreamliners.Rather than going thousands of hours between inspections, the faults with turbine blades mean the engines currently require inspection every 300 hours of flight. In the same announcement Rolls-Royce said it would spend £450m fi xing faults on the Trent 1000 in 2018, £450m in 2019 and £350m in 2020, with the work complete by 2022.[28]

In May 2020, the company announced its intention to cut 20% of its workforce (approximately 9,000 staff) worldwide as a result of theCOVID-19 pandemic.[29][30]Around 3,000 job losses were expected in the UK, half of them in Derby.[31]

In February 2021, Rolls-Royce started talks concerning an operational shutdown of its civil aerospace unit that might last for two weeks due to the impact of Covid-19 and its restrictions.[32]

Rolls-Royce announced, in October 2023, that it would cut 2,500 jobs, or 6 per cent of its total workforce.[33]

Senior leadership

[edit]
  • Chairman:Anita Frew(since October 2021)[34]
  • Chief Executive: Tufan Erginbilgic (since January 2023)[35]

List of former chairmen

[edit]
  1. Sir Simon Robertson(2011–2013)[36]
  2. Sir Ian Davis(2013–2021)[34]

List of former chief executives

[edit]
  1. John Rishton(2011–2015)[37]
  2. Warren East(2013–2022)[35]

Facilities

[edit]
STX Europe dockyard where the Rolls-Royce plant is located atRauma, Finland

Testing

[edit]

Rolls-Royce's £90 milliontest bed80 will be the largest of its kind, sized for engines of up to 140,000 lbf (620 kN) of thrust.[38]Design started in 2017, construction began in 2018 and it should be commissioned by mid-2020. The 80,730 sq ft (7,500 m2) facility is 426.5 ft (130.0 m) long, has a 95 ft (29 m) tall intake tower and a 123 ft (37 m) tall exhaust stack. Built from 3,450 tons of steel and 27,000 m3(950,000 cu ft) of concrete, it has a 49 by 49 ft (15 by 15 m) tall and wide enclosed space and it can handle a 66 tons engine including its carrier.[38]

X-rayimaging allows to visualize the position of seals and clearances in real time while an engine is running. While it was retrofitted on Rolls' test bed 57, test bed 80 is the first to be purpose-designed forindustrial radiography.To protect from external X-ray like 30 cm (11.8 in.) oflead,double walls are up to 8.9 ft. (2.7 m) thick (a 5.6-ft. interior wall and 3.3-ft. exterior wall) and provide acoustic insulation. Canadian prime contractor MDS Aero Support is responsible for design and management, test systems supply, engine adapters, support systems and data acquisition and control while construction is done byBuckingham GroupContracting.[38]

Acquisitions

[edit]
Northern Engineering Industries / broken up and sold

In 1988, Rolls-Royce acquiredNorthern Engineering Industries(NEI), based in theNorth East of England,a group of heavy engineering companies mainly associated with electrical generation and power management. The group includedClarke Chapman(cranes),Reyrolle(now part ofSiemens) andParsons(now part ofSiemens 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.[39]

Allison Engine Company/Rolls-Royce Corporation

On 21 November 1994, Rolls-Royce announced its intention to acquire theAllison Engine Company,an American manufacturer of gas turbines and components for aviation, industrial and marine engines.[40]The two companies had a technical association dating back to the Second World War. Rolls-Royce had previously tried to buy the company whenGeneral Motorssold 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.[41]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."[42]Rolls-Royce was, however, obliged to set up aproxy boardto 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 theJoint Strike Fighter programme.[42]In 2000, this restriction was replaced by a more flexibleSpecial Security Arrangement.[43]In 2001, Rolls-Royce and itsLiftSystemwas among the group that won the JSF contract for theF-35.[44]

The Allison acquisition, at $525 million (equivalent to £328 million),[40]brought four new engine types into the Rolls-Royce civil engine portfolio on seven platforms and several light aircraft applications. Allison is now known asRolls-Royce Corporation,part ofRolls-Royce North America.[45]

Vickers/Vinters

In 1999 Rolls-Royce acquiredVickers plcfor its marine businesses.[46]The portion retained is now Vinters Engineering Limited. Rolls-Royce sold Vickers Defence Systems (the other major Vickers area of business) toAlvis plcin 2002.[47]

BMW joint venture / Rolls-Royce Deutschland

Rolls-Royce has established a leading position in the corporate andregional airlinesector through the development of the Tay engine, the Allison acquisition and the consolidation of theBMW Rolls-Roycejoint venture. In 1999, BMW Rolls-Royce was renamed Rolls-Royce Deutschland and became a 100% owned subsidiary of Rolls-Royce plc.[48]

SAIC joint venture / Optimized Systems and Solutions

Optimized Systems and Solutions Limited(formerly known as Data Systems & Solutions) was founded in 1999 as a joint venture between Rolls-Royce plc andScience Applications International Corporation(SAIC). In early 2006, SAIC exited the joint venture agreement, making Rolls-Royce plc the sole owner.[49]

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

In March 2011, Rolls-Royce andDaimler AGlaunched a $4.2 billion public tender offer for 100 per cent of the share capital ofTognum AG,the owner ofMTU Friedrichshafen– a leading high-speed industrial and marine diesel engine manufacturer, which was completed using a 50:50 joint venture company.[50]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 theFrankfurt Stock Exchange.[50]

Aero Engine Controls / Rolls-Royce Controls and Data Services

Following the acquisition of Goodrich byUnited Technologies Corporationin July 2012, Rolls-Royce announced it would purchase Goodrich's 50% share ofAero Engine Controlsto become wholly owned by Rolls-Royce.[51]

At the June 2019Paris Air Show,Rolls-Royce announced its acquisition of Siemens' electric propulsion branch (while they are partners on theE-Fan Xdemonstrator), to be completed in late 2019, employing 180 in Germany and Hungary.[52]

Divestment

[edit]

Siemens

[edit]

In May 2014, Rolls-Royce sold its energy gas turbine and compressor business to Siemens for £785 million.[53]

Kongsberg

[edit]

In July 2018, Rolls-Royce sold its commercial marine business toKongsbergfor £500 million.[54]

Nuclear services businesses

[edit]

In September 2019, Rolls-Royce agreed to sell its civil nuclear services businesses in the U.S., Canada, Mondragon France, and Gateshead UK to theWestinghouse Electric Companyfor an undisclosed sum. These businesses had a revenue of $70 million and about 500 employees in 2018. Rolls-Royce is keeping its nuclear new build andsmall modular reactor(SMR) business in the UK.[55]In November 2020, the company announced plans to build up to 16Rolls-Royce SMRnuclear plants across the UK, continuing its nuclear division operations.[56]In December 2020 Rolls-Royce announced it would sell other foreign parts of its civil nuclear instrumentation and control business toFramatomeas part of its post-COVID recovery plan, completing the deal involving over 550 employees in November 2021.[57][58]

Major sales

[edit]
Airbus A380

In 1996, Rolls-Royce andAirbussigned amemorandum of understanding,specifying theTrent 900as the engine of choice for the then A3XX, now theAirbus A380.[59]However, theEngine Alliance GP7000would ultimately also be offered as an option on the A380.[60]

In October 2006, Rolls-Royce suspended production of itsTrent 900engine because of delays by Airbus on the delivery of theA380superjumbo. 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.[61]

In 2011, Rolls-Royce faced scrutiny after high profile incidents involving the Trent 900. One of the engines suffered a partial power loss during aQantasflight in February 2011. This followed an incident in November 2010 in which an engine disintegrated in flight causingQantas Flight 32to make an emergency landing in Singapore.[62]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.[63]Trent-powered A380s operated byLufthansaandSingapore Airlineswere also affected. Qantas gradually returned its A380s to service over several months. In June 2011 the airline announced it had agreed to compensation of AU$95m (US$100m) from Rolls-Royce.[64]

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.[65][66][67]

Boeing 787

On 6 April 2004,Boeingannounced that it had selected both Rolls-Royce and General Electric to power its new 787. Rolls-Royce submitted theTrent 1000,a further development of that series.[68]

Airbus A350XWB

In July 2006, Rolls-Royce reached an agreement to supply a new version of theTrent 1000for the revisedAirbus A350XWBjetliner. As of July 2015, over 1,500 engines of this type have been supplied to 40 customers.[69]

Panavia Tornado, Eurofighter Typhoon and Lightning II

On the military side, Rolls-Royce, in co-operation with other European manufacturers, has been a major contractor for theRB199which in several variants powers thePanavia Tornado,and also for theEJ200engine for theEurofighter Typhoon.Rolls-Royce has matured theRolls-Royce LiftSysteminvented byLockheed Martinfor the F-35 Lightning II to production level; The F-35 is planned to be produced in significant numbers.[70]

Air China

At the 2005Paris Air Show,Rolls-Royce secured in excess of $1 billion worth of orders. The firm received $800m worth of orders fromAir Chinato supply its 20Airbus A330jets.[71]

Qatar Airways

On 18 June 2007, Rolls-Royce announced at the 2007 Paris Air Show that it had signed a large contract withQatar Airwaysfor the Trent XWB to power 80 A350s on order from Airbus worth $5.6 billion at list prices.[72]

Emirates airlines

On 11 November 2007, Rolls-Royce announced at theDubai Airshowthat it had signed its largest ever contract withEmiratesfor 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.[73]

On 20 November 2007, Rolls-Royce announced plans to build its first Asian aero engine facility in theSeletar Aerospace Park,Singapore.[74]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,[75]by the start of production in 2012, 1,600 employees were based in Singapore.[76]

Nuclear submarines

In May 2012,Rolls-Royce Marine Power Operationswon a Ministry of Defence contract worth more than £400 million for the integration of the reactor design, thePWR3,for UK'snext generation nuclear-armed submarines.[77]In March 2023, Rolls-Royce announced that Rolls-Royce Submarines Limited will provide nuclear reactors for theSSN-AUKUSclass of submarines for both the Royal Navy and Royal Australian Navy.[78]To support the SSN-AUKUS programme, Rolls-Royce announced it would double the size of the Rolls-Royce Submarines LTD site in Raynesway, Derby creating 1,170 jobs in the process[79]

Corruption allegations

[edit]

Rolls-Royce has been accused numerous times of corrupt practices andbribery.

In 2014, facing allegations of bribery in the aftermath of theSudhir Choudhrieaffair, Rolls-Royce offered to return money to the Indian government.[80]TheSerious Fraud Office(SFO) also investigated allegations of bribery in Indonesia and China.[81]

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.[82]

In October 2016 a jointGuardianand 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.[83]

Alleged defects

[edit]

In 2013 media reported allegations from two American ex-employees that thousands of the company's newjet engineswere assembled with used parts.[84]

Settlement with SFO

[edit]

In January 2017 Rolls-Royce came to an agreement with the SFO to pay £671 million under adeferred prosecution agreementto avoid prosecution for bribery to obtain export contracts.[85][86]As part of this agreement, a $170 million fine was paid to US authorities to end a bribery investigation,[87]and $25 million to the Brazilian authorities.[85]

Subsequent to the settlement,Private Eyereported that some of Rolls-Royce's contracts under the scope of the SFO investigation had been supported by the British government'sUK Export Financedepartment, 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 judgeBrian 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".[88]

Governance

[edit]

As of August 2021theboard of directorsconsists of:[89]

  • Sir Ian Davis, Chairman
  • Warren East, Chief Executive
  • Panos Kakoullis, Chief Financial Officer
  • Paul Adams, Independent Non-Executive Director
  • George Culmer, Independent Non-Executive Director
  • Irene Dorner, Independent Non-Executive Director
  • Anita Frew, Independent Non-Executive Director and Chair Designate
  • Beverly Goulet, Independent Non-Executive Director
  • Lee Hsien Yang, Independent Non-Executive Director
  • Nick Luff, Independent Non-Executive Director
  • Sir Kevin Smith, Senior Independent Director
  • Dame Angela Strank, Independent Non-Executive Director
  • Pamela Coles, Company Secretary and Chief Governance Officer

Products

[edit]
TheOlympus 593powered theConcordesupersonic transport.
TheConwaywas the firstturbofanto enter service.
ThePegasuswithvectored thrustfor theHarrier jump jet
TheA350'sTrent XWBis Rolls-Royce largest engine.

Rolls-Royce's aerospace business makes commercial and militarygas turbineengines for military, civil, and corporate aircraft customers worldwide. In the United States, the company makes engines for regional and corporate jets,helicopters,andturbopropaircraft. Rolls-Royce also constructs and installs powergenerationsystems. 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 bothfixed-androtary-wing aircraft.Rolls-Royce Marine Power Operations(a subsidiary company) manufactures and testsnuclear reactorsforRoyal Navalsubmarines.[90]

Aerospace

[edit]

In 2019, Rolls-Royce delivered 510Trentpowerplants, while 5,029 large engines were installed, including 32%Trent 700s.[91] Forbusiness jets,research and developmentin themarket nichesis a $2 billion annual investment, for a predicted market of 8,500 to 9,000 aircraft over the 2020 decade.[92]

Turbojets

[edit]

Turbofans

[edit]

Turboshafts

[edit]

Turboprops

[edit]

Rocket engines

[edit]

Marine

[edit]

Gas turbines

[edit]

Propulsion

[edit]

Submarine

[edit]

Stabilisers

[edit]
  • Brown Brothers Legacy Stabilizers
  • Brown Brothers Neptune or VM Stabilizers
  • Brown Brothers Aquarius Stabilizers

See also

[edit]

References

[edit]

Notes

[edit]
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Bibliography

[edit]
  • Gunston, Bill.Development of Piston Aero Engines.Cambridge, UK. Patrick Stephens Limited, 2006.ISBN0-7509-4478-1.
  • Newhouse, John.The Sporty Game: The High-Risk Competitive Business of Making and Selling Commercial Airliners.New York: Alfred A. Knopf, 1982.ISBN978-0-394-51447-5.
  • Pugh, Peter.The Magic of a Name: The Rolls-Royce Story, The First 40 Years.London: Icon Books, 2000.ISBN1-84046-151-9.
  • Pugh, Peter.The Magic of a Name: The Rolls-Royce Story, Part 2, The Power Behind the Jets.London: Icon Books, 2001.ISBN1-84046-284-1.
  • Pugh, Peter.The Magic of a Name: The Rolls-Royce Story, Part 3, A Family of Engines.London: Icon Books, 2002.ISBN1-84046-405-4.

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 asRolls-Royce plcstill owns the principal business but itself was sold to the new holding company in 2003
    • 2003 company floated asRolls-Royce Group plcbought the 1971 company
    • 2011 company floated asRolls-Royce Holdings plcbought the 1971 company from the 2003 company
[edit]
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