Future for 700 Rolls-Royce workers still unclear after site-owning company sold for £1.5 billion
The future for hundreds of Rolls-Royce workers in Hucknall remains uncertain after the company that owns the site was sold.
ITP Aero has been bought for £1.5 billion by a new consortium led by Bain.
But a spokesman for ITP Aero said it was too early to say what this would mean for the future of sites like Hucknall – leaving workers there still no clearer on their long-term futures.
ITP Aero bought the Hucknall plant earlier this year, ending 80 years of the Rolls-Royce name in the town.
But at the time, ITP Aero was itself owned by Rolls-Royce – which was trying to sell it.
This meant that anything owned by ITP Aero, including the Hucknall site, also remained up for sale, meaning there were no long-term guarantees for the workers there.
Now, Rolls-Royce has agreed the £1.5 billion sale of ITP Aero to the new consortium to boost its own finances.
However, a spokesman for ITP Aero said they could not comment on the future for sites like Hucknall at this stage.
He said: “It is too soon to go into specifics in relation to Hucknall or any other ITP Aero site.
“The (sale) announcement means the start of a new chapter for ITP Aero, which, after a period of uncertainty, we believe will bring stability and growth opportunities for the company.
"The announcement is the start of the sale approval process, which will still take some months.
"Effective change of ownership will happen sometime in 2022.
“The consortium’s vision, led by Bain Capital, for an independent ITP Aero is to invest in growing the company’s products, regions and customers and further enhance ITP Aero’s status as a global leader, pioneer of new technologies and world class manufacturing.
"This will also involve further diversifying our customer base and supporting the next generation of aircraft, including sustainable and low carbon technologies.”
The Dispatch has approached union representatives at Rolls-Royce Hucknall for comment.
More on this story to follow.