RYCEY Rolls Royce Holdings PLC (PK)

By Anthony O. Goriainoff

Rolls-Royce Holdings PLC said Wednesday that it will invest millions of dollars to upgrade its naval facility in Pascagoula, Mississippi, alongside the U.S.'s Defense Production Act Title III office.

The U.K. engineering company said the DPA Title III office has already agreed to invest $22 million for equipment, and that Rolls-Royce will be making an additional investment for building improvements, supplemented with support from Jackson County and the state of Mississippi.

The company said the new investment will strengthen its ability to manufacture propellers and propulsor components for navy ships, and that it will build a new 26,000-square-foot building, with new foundry and machining equipment provided by DPA Title III funding, which will support new jobs and workforce development.

Rolls-Royce said naval components manufactured at Pascagoula include controllable-pitch propeller systems, fixed-pitch propellers, and water jets, and that these help power the majority of U.S. navy ships, including aircraft carriers, destroyers and other vessels.

Shares at 0835 GMT were down 2.70 pence, or 1%, at 271 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

August 12, 2020 04:54 ET (08:54 GMT)

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