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SIEMENS SELLS EAIRCRAFT BUSINESS TO ROLLS ROYCE

 

German engineering giant Siemens on Tuesday signed an agreement on the sale of its electric aircraft propulsion business, which has a base in Budapest, to the UK’s Rolls-Royce. Siemens said the transaction was expected to be closed late in 2019. The sides did not disclose the price of the deal. In addition to Budapest, the business operates at locations in Munich and Erlangen, in Germany. Siemens has partnered with Hungary’s Magnus Aircraft on the development a fully electric driven aircraft dubbed the eFusion.