Rolls-Royce Power Systems
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Formerly called
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1909 (as MTU Friedrichshafen GmbH) 2006-14 (as Tognum AG) |
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| Aktiengesellschaft | |
| Industry | Mechanical engineering |
| Founded | 1909 |
| Headquarters | Friedrichshafen, Germany |
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Key people
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Andreas Schell (CEO and chairman of the management board), Axel Arendt (Chairman of the supervisory board) |
| Products | Engines for oil and gas installations, mining, marine propulsion, locomotives and military vehicles; injection systems; power generators |
| Revenue | €2.564 billion (2010) |
| €112.3 million (2010) | |
| Profit | €62.8 million (2010) |
| Total assets | €2.746 billion (end 2010) |
| Total equity | €735.8 million (end 2010) |
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Number of employees
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10,700 (end 2013) |
| Parent | Rolls-Royce Holdings |
| Website | www |
Rolls-Royce Power Systems AG is the name of a German industrial concern, which holds interests in a number of engine manufacturing brands and facilities, owned by Rolls-Royce Holdings. The company previously traded, from 2006 to 2014, as Tognum AG. Prior to 2006, the core company - MTU Friedrichshafen GmbH was a constituent of DaimlerChrysler Powersystems Off-Highway.
Tognum AG was formed when private equity fund EQT IV acquired in late 2005 several Off-Highway divisions of DaimlerChrysler. All units are to assume the corporate brand, but will otherwise operate independently.
The company went public on 2 July 2007, listed in the Prime Standard segment of the . EQT retained a minority share of 22.3% until April 2008, when it was sold to Daimler AG.
Rolls-Royce Holdings and Daimler AG launched a takeover for Tognum in March 2011. The two companies announced on 24 June 2011 that their joint €3.4 billion tender offer had been successful, with 94% of Tognum shareholders accepting. Once the acquisition was complete, Tognum is run as a 50-50 joint venture, with Rolls-Royce merging its Bergen Marine diesel engines unit into the operation.
The acquisition of Tognum by the two companies was completed in September 2011 and the business continued to trade as Tognum AG until January 2014, when it was renamed Rolls-Royce Power Systems AG. Rolls-Royce Holdings confirmed in March 2014 that they would purchase Daimler AG's 50% stake in the joint venture. Daimler AG will continue to supply engines to Rolls-Royce as part of existing long term supply agreements which run to 2025, this results from smaller MTU engines being derived from Daimler AG's range of diesel engines used in their on-highway commercial vehicles.
Rolls-Royce will fund the acquisition through a mixture of cash and some borrowing, paying Daimler AG around £1.9 billion (€2.3 billion) for their stake in the business. Analysts expect the deal to add between 5 and 6% to Rolls-Royce earnings. Daimler AG will use the proceeds to fund investments in their core automotive business.
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Wikipedia