Rolls-Royce Holdings said it would sell its loss-making commercial marine business to Kongsberg Gruppen ASA for an enterprise value of 500 million pounds.

The sale of the business, which has about 3,600 employees, mostly based in the Nordic region, will generate net proceeds of around 350 million to 400 million pounds, Rolls-Royce said on Friday.
The company said in January it was considering selling its commercial marine business as part of a shake-up by Chief Executive Warren East to streamline its activities into civil aerospace, defence and power system units.

Source: reuters.com