BAE Systems has announced 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."
About BAE Systems
BAE Systems is the premier global defence, security and aerospace
company delivering a full range of products and services for air,
land and naval forces, as well as advanced electronics, security,
information technology solutions and customer support services.
With approximately 105,000 employees worldwide, BAE Systems' sales
exceeded £18.5 billion (US $34.4 billion) in 2008.