VT Group and BAE Systems Establish JV

Wednesday, July 25, 2007
VT Group plc announced that it has entered into a Framework Agreement with BAE Systems plc to establish a joint venture intended to create a provider of naval ships and associated through-life support. It is intended that the joint venture will comprise the following businesses on completion of the JV transaction: VT’s surface warship building and through-life support operations; each of VT’s and BAE Systems’ 50 per cent. shareholdings in their existing surface warship through-life support joint venture, Fleet Support Limited (FSL); and BAE Systems’ Surface Fleet Solutions operations, which includes surface warship building and surface warship through-life support. VT will also acquire BAE Systems’ 50 percent. holding in Flagship Training Limited, a provider of training solutions and support services.
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