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L&T sells UK marine tech arm Servowatch Systems to Rolls-Royce

Mumbai: Engineering major Larsen & Toubro has signed a pact to sell its UK-based integrated marine automation solutions unit Servowatch Systems to Rolls-Royce, the two companies announced on Wednesday.

The pestment is a part of L&T’s strategy to exit non-core businesses and consolidate operations.

Rolls-Royce said the acquisition will significantly expand the ship automation pision of its MTU product and solution brand of its power systems business.

The companies have not disclosed the deal size.

L&T’s wholly owned subsidiary Larsen & Toubro International FZE runs Servowatch Systems that is headquartered in Heybridge, Essex. The unit has 44 employees in the UK and India who work on integrated marine automation solutions for navies, commercial vessels and large yachts.

“The pestment of Servowatch Systems is as per our stated goal of unlocking value within the existing business portfolio by pesting non-core units,” S N Subrahmanyan, CEO and MD of Larsen & Toubro, said in a statement. “L&T facilitated the business to develop an award-winning software platform for the latest generation of marine integrated platform management systems that are sold globally to many navies and commercial operators. We believe its partnership with Rolls-Royce and its product and solution brand MTU will pave the way for its further growth.”

Andreas Schell, CEO of Rolls-Royce Power Systems, said, “Servowatch’s modern and sophisticated range of automation and integrated bridge systems for government and commercial ships and large yachts is the ideal complement to continue to offer sophisticated total system solutions for marine propulsion systems and the entire ship automation sector.”

L&T continuously evaluates its business portfolio with a long-term perspective for capital allocation. Earlier this year, it closed a Rs 14,000-crore deal to sell its electric and automation business to French firm Schneider Electric.

In the past, it has pested its stake in ports, insurance and road concessions businesses, while exiting some others like petrol pump vending machines and cement businesses.

Nobilia forays into domestic modular kitchen market

CHENNAI: Targeting a major pie in the 10 per cent market share of the Rs 2,500 crore modular kitchen industry, German modular kitchens manufacturer Nobilia today announced its foray into the domestic market.

The company has set up its first exclusive store in Pune while the second store was launched at Besant Nagar in Chennai, according to H and R Johnson (India) Chief Operating Officer Sushil Matey.

Nobilia has appointed H & R Johnson to handle its sales and marketing in domestic market.

“Indian modular kitchen market is about Rs 2,500 crore industry. About 10 per cent of it comprise the imported kitchen brands…,” Matey told reporters here.

“We are planning to open about four more stores in South — one each in Bangalore, Cochin, Coimbatore in the coming months…,” he said.

Nobilia-Werke J Stickling GmbH, Export-Head, Michael Behr said one of the reasons for appointing H and R Johnson was the latter’s reach in the country.

“We needed a strong local partner. And it is H and R Johnson to us,” he said.

Elaborating about the strategy in India, he said: “Imported kitchens compared to automobile industry are like Rolls Royce. But we do not want to be Rolls Royce. Not many buy a Rolls Royce. We want to be a player in the market like


and Audi…,” he said.

Sushil Matey said normal imported kitchens in India were priced at Rs 10 lakh onwards while the price range for Nobilia begins from Rs three lakh.

“Currently, 80 per cent of modular kitchen market in India is “fragmented”, he said, adding the company would import modular kitchens from Germany to India for serving its customers.

Asked whether the company would set up manufacturing facility, Michael Behr later told PTI: “That is the long term view. It is a long term process. We feel there is more and more opportunity. Now, we are in the very early stages”.

Nobilia-Werke J Stickling GmbH has about 2,500 employees. It has two factories in East-WestphalianVerl in Germany for manufacturing kitchen furniture. The company ships about 2,600 modular kitchens everyday, a company statement said.

Rolls-Royce names former Deloitte partner Kakoullis as CFO

LONDON: Britain’s Rolls-Royce named Panos Kakoullis as its new chief financial officer, picking the former head of Deloitte‘s audit and assurance practice to help steer its cost-cutting and simplification as it tries to ride out COVID-19.

The pandemic has shattered Rolls-Royce’s finances because it is paid by airlines on a flying-hours basis, and the company warned in January that the start of this year was even more difficult than expected.

The aero-engines maker said Kakoullis would start on May 3.

Chief Executive Warren East said his experience made him a good fit.

“Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business and we look forward to benefitting from his expertise and experience as we deliver on our fundamental reorganisation,” East said.

Rolls’s current CFO Stephen Daintith, who resigned last year after being poached by online retailer group Ocado, will leave Rolls-Royce on Mar. 19. Ben Fidler, currently acting deputy CFO, will be interim CFO in the six weeks until Kakoullis arrives.

Jefferies analyst Sandy Morris said of the appointment: “We suspect the market might have been more immediately reassured by a familiar name, one with corporate experience, but it is hard to question Mr Kakoullis’s experience, technical credentials and knowledge of driving the adoption of AI and advanced analytics.”

Despite the deepening travel crisis due to new strains of the coronavirus, Rolls has said its liquidity of 9 billion pounds gives it confidence.

It is selling assets worth 2 billion pounds and cutting more than 1 billion pounds in costs by axing 9,000 jobs, closing factories and planning a two week operational shutdown in the summer of some units.

Kakoullis joined Deloitte as a graduate and worked there until May 2019. He has since worked for PA Consulting.