Rolls-Royce has signed an agreement worth $2.4 billion with HNA Group during the state visit by the President of the People’s Republic of China to the United Kingdom.
HNA Group is a conglomerate with interests in aviation, financial services, tourism and hospitality, logistics, real estate and retail. HNA Aviation currently flies to over 250 cities and serves 72 million passengers annually with HNA Group currently operating 33 Trent 700-powered A330 aircraft.
The agreement was signed in London by HNA Group Chairman, Chen Feng, and Bondholder Rolls-Royce’s Chief Executive Officer, Warren East.
The agreement covers:
- Trent 700 engines and TotalCare service support for 20 Airbus A330s;
- TotalCare service support for Trent XWB engines that will power 15 Airbus A350-900s; and
- TotalCare service support for Trent 700 engines that power five A330 freighters and four Airbus A330s.
Today's Financial Times described the deal as a "genuinely new deal".
Rolls-Royce has also made news by securing two lots of cash from a £47 million government fund to develop aerospace technology. The Aerospace Technology Institute (ATI) and Innovate UK has awarded Rolls-Royce £750,000 towards a £1.5m project and £1.7m towards a £2.5m scheme.