Rolls-Royce signs third MoU with Chinese firm

19th Jun 2014 12:59

Rolls-Royce has announced yet another memorandum of understanding (MoU) with a Chinese nuclear reactor vendor, its third in as many days. As with the other two MoUs, the agreement will see Rolls work more closely with the vendor, in this case CNNC, on civil nuclear power in China, the UK, as well as overseas markets. Jason Smith, President Nuclear, Rolls-Royce said: "China represents one of the world's largest civil nuclear markets in which Rolls-Royce has been supplying safety-critical technology and solutions for 20 years."I am delighted that we have built a partnership with CNNC based on mutual trust. I look forward to exploring how we can broaden our work together in our domestic and international markets."The announcement came after the FTSE 100-listed group earlier the same day pledged to buy back £1bn of shares if it succeeds in selling its energy gas turbine and compressor business to Germany's Siemens as it outlined plans to reduce capital spending in the next five years.Rolls said it had decided to return the proceeds of the sale to shareholders as it had no plans for any material acquisitions and had a strong balance sheet.Shares had risen 6.36% to 1,074.21p by 13:12.NR