By John Smith • 27 August 2020 • 17:59
THE company that manufactures Rolls Royce engines has suffered considerably from the pandemic and the lockdown and is looking to sell a number of subsidiaries to raise €2.2 billion.
Marked for disposal is Spanish based engine and turbine manufacturer ITP Aero and with a €2.19 billion loan due to be repaid by October 2021 it needs cash as quickly as possible as well as a return to production of engines.
With 4,000 staff lost so far, it expects to shed a further 5,000 across the group this year.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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