Rolls-Royce Buys Siemens Electric Aircraft Business

Aircraft engine manufacturer Rolls-Royce Holdings plc has agreed to buy Siemens AG’s eAicraft unit, which is developing electric propulsion systems for air taxis and mid-range jets.

Terms of the deal, which is expected to be completed by year-end, weren’t disclosed. Siemens eAircraft has 180 employees in Germany and Hungary.

Siemens has set several records for electrified aircraft over the last 10 years. The company has been working with Rolls-Royce and France’s Airbus SE for several years to develop electric- and hybrid-powered planes.