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

Reuters - UK Focus

LONDON, June 4 (Reuters) - Britain's Rolls-Royce said it had completed the sale of Germany-based diesel parts maker L'Orange (LSE: 0OQV.L - news) to U.S.-based engineering company Woodward Inc (NasdaqGS: WWD - news) 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 (LSE: 0LN0.L - news) proceeds totalled 673 million euros after transaction costs and other adjustments and included a cash contribution reflecting 2018 trading prior to the date of completion," Rolls said in a statement on Monday. (Reporting by Sarah Young; editing by Kate Holton)