Power systems group Rolls-Royce is to take full control of Aero Engine Controls (AEC), the engine controls joint venture it established in January 2009 with US aerospace giant Goodrich.
AEC designs and manufactures engine control systems including electronic engine controllers, fuel pumps and fuel metering units for a wide range of Rolls-Royce engines and for a number of other programmes.
As well has a site in Indianapolis in the US, AEC owns sites in Birmingham, Derby and Belfast in the UK and employs around 1,400 people.
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The acquisition will give Rolls full ownership "of a critical capability that confers competitive advantage," it said in a statement on Friday morning.
The FTSE 100 company intends to acquire the remaining 50% stake in AEC after agreeing with United Technologies Corp (UTC), the US aerospace and building technology conglomerate in the process of purchasing Goodrich.
"The acquisition of the remainder of the shares in AEC by Rolls-Royce will only proceed once the acquisition of Goodrich by UTC is complete and once any necessary antitrust approvals are obtained," the statement said.
Rolls said that the transaction will have no material impact on its current-year financial performance.
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