Friday, October 30, 2009

BAE Systems acquires VT Group’s stake in BVT

BAE Systems acquires VT Group’s stake in BVT

30 October, 2009

BAE Systems has announced today that it has acquired VT Group's 45% shareholding in BVT Surface Fleet Limited (BVT).

BVT is now wholly owned by BAE Systems and will be renamed BAE Systems Surface Ships Limited.

Nigel Whitehead, BAE Systems' Group Managing Director, Programmes & Support, said: "Bringing BVT into full ownership of BAE Systems further strengthens our global maritime business and is consistent with our strategy to establish a sustainable and profitable through life business in air, land and sea.

"Surface Ships has a solid order book, a clear strategy to transform the UK maritime sector and a commitment to deliver existing and future programmes.

"Our 15 year Terms of Business Agreement with the UK Ministry of Defence will sustain key industry capabilities in the UK and provides a strong platform on which to build future domestic and international business."

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