Lates News

Rolls-Royce Holdings Plc sells its UK pension fund to an insurance company for 4.3 billion (approximately $5.8 billion), in a move to further simplify its operations. The two companies stated in a Sunday announcement that the deal with Pension Insurance Corporation Plc (PIC) will cover all of Rolls-Royce's outstanding debts to employees, including pensions for 36,000 individuals. The statement confirmed Bloomberg's report on Friday about the proposed transfer plan. The British manufacturer's pension liabilities have been weighing down its performance in recent years, and this sale comes as CEO Tufan Erginbilgic seeks to streamline operations amid a surge in engine demand.