March 5, 2015
Rolls-Royce strengthens ITP joint venture
Rolls-Royce has strengthened its long-term partnership with Sener Grupo de Ingenieria SA (Sener) in the Industria de Turbo Propulsores SA (ITP) joint venture. ITP will supply Rolls-Royce with turbines for future civil large engines in addition to its existing range of products supported by a revised shareholder agreement. ITP is a joint venture between Rolls-Royce (46.9%) and a subsidiary of Sener (53.1%). The shareholdings of Rolls-Royce and Sener in ITP remain unchanged. Rolls-Royce and Sener have established a strong working relationship over many years and created the ITP joint venture in 1989. This revised agreement marks another milestone in that long-standing partnership. ITP provides high technology products and services to the aircraft and industrial engine market throughout the entire product life cycle. Its activities cover the design, research, development and manufacturing, as well as the assembly and testing, of aircraft engines. ITP participates on all of Rolls-Royce’s existing Trent programmes through risk and revenue sharing agreements. The revised shareholder agreement ensures security of supply of turbines and the continued access by Rolls-Royce to relevant ITP engineering and R&D capabilities. The CFO of ITP is jointly appointed by Sener and Rolls-Royce, while Sener has the right to appoint the CEO.