BAE SYSTEMS WELCOMES 15 YEAR MoD AGREEMENT
21 Jul 2009 | Ref. 123/2009
BVT Surface Fleet, the maritime joint venture between BAE Systems and VT Group, and the Ministry of Defence have today signed a legally binding 15 year Terms of Business Agreement (ToBA), that will reduce the cost of warship building and support for the Royal Navy, secure the long-term sustainable future of the UK warship building industry and deliver efficiency savings for the UK taxpayer.
Nigel Whitehead, Group Managing Director, Programmes & Support commented: ‘This is an important milestone for British engineering and manufacturing, and the long term sustainability of the UK industrial base. It is also an important milestone for the Royal Navy who will continue to benefit from the delivery of world class ships and capabilities to support vital operations around the globe’.
VT have announced that they expect to exit the JV later this year, following which BVT will become wholly owned by BAE Systems.
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 US $34.4 billion (£18.5 billion) in 2008.
For further information please contact:
Charles Thompson, BVT
Tel: +44(0)141 9574449 Mob: +44(0)7736 810933
charles.thompson2@baesystems.com
John Neilson, BAE Systems
Tel: + 44 (0) 1252 384795 Mob: + 44 (0)7802 337704
john.neilson@baesystems.com
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