Rolls-Royce & SIFCO Announce a Component Repair Joint Venture

    CLEVELAND--March 7, 2001--Rolls-Royce plc, the aerospace, marine and energy group, today announced plans to form a new repair and overhaul joint venture with American-based SIFCO Industries, Inc. The agreement will involve a total investment of US$7.5 million shared between the partners.
    Rolls-Royce and SIFCO have signed a letter of intent which will lead to the formation of a joint venture specializing in advanced technology repair of aero engine blades and vanes for the North, Central and South American markets.
    Beginning this year, the service will be provided from SIFCO's existing facilities in Tampa, Florida. Ultimately the JV will operate from a purpose-built facility in the Tampa area that is expected to employ up to 100 people.
    Ian Lloyd, Managing Director, Rolls-Royce Aero Repair and Overhaul, said: "SIFCO is a leader in the field of component repair and this joint venture allows us to pool our expertise and resources. The result will be an improved level of service to our operators from within their region."
    Jeffrey Gotschall, President and Chief Executive Officer of SIFCO Industries, Inc., said the alliance with Rolls-Royce represented an extension of their policy of working in partnership with world leaders in aerospace. "With the upgrading of our Florida facility, we plan to deliver the highest levels of aftermarket services including the best engine turn-times in the industry."