ROLLS-ROYCE Holdings Plc is betting on expanding in Africa to grow the power-systems division after its main business building and maintaining wide-body jet engines was derailed by the coronavirus.
The continent’s abundant natural resources, fast-growing economies and increasing urbanization make it a promising market for the unit, Rolls-Royce Strategic Marketing Director Ben Story said in an interview on Thursday.
“We’ve got our eyes open, looking out for opportunities,” he said by phone. “M&A is certainly part of that.”
The bid to grow in Africa comes as Rolls-Royce seeks to pivot away from a focus on aircraft engines, with Chief Executive Officer Warren East saying the company wants revenues to be more evenly split between all of its business segments. The company currently has a presence on the continent through subsidiary MTU, as well as relationships with airlines such as Egypt Air and a deal to power South African trains.
Rolls-Royce
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