BAE Systems, VT Group in Talks About Combining Shipbuilding Ops

Thursday, December 14, 2006
According to reports, shipbuilding companies BAE Systems PLC and VT Group PLC are in talks about merging their naval shipbuilding businesses into a new UK shipbuilding giant. The statement said the discussions were entirely in line with UK government ambitions, and that sustaining shareholder value remained a key consideration. Ministers and firms are examining ways to bring the UK\'s shipbuilding operations together to eliminate peaks and troughs in order cycles and improve efficiency and job security. A VT spokesman said the joint venture was likely to involve the creation of a new company that VT and BAE would jointly own. There would likely be rationalisation of back office functions to eliminate duplication, but existing shipyards would remain open and it was too early to say whether there would be job losses, the spokesman said.

The combination of the two companies naval shipbuilding operations would bring together the yard at Portsmouth in England with those at Govan and Scotstoun in Scotland, and their workforces. VT employs about 1,000 people in its shipbuilding operations. UK defense minister Lord Drayson has reportedly set the end of this year as the deadline for the UK's naval shipbuilders to come up with proposals for consolidation of the industry. BAE Systems said its submarines business was not included in the discussions. Source: AFX

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

LNG

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Höegh LNG Turns to Profit in 1Q

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.

World’s Biggest LNG Buyer Becomes Seller

EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one

 
 
Maritime Security Maritime Standards Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0537 sec (19 req/sec)