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Rolls-Royce announces $1.7B share buyback

  • Rolls-Royce (RYCEY) has announced it will repurchase $1.7B shares, due to no major acquisitions being seen in the near future.
  • "As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders," says CEO John Rishton.
  • The company sold its industrial gas turbine business to Siemens (SIEGY) in May for £785M. The transaction should be completed this year.
  • Rolls-Royce's stock has plunged -19% this year.
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