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Vt Group Plc News

29 May 2014

McIntosh Named CTruk Chairman

Peter McIntosh

Composite high-speed craft designer and builder CTruk has appointed shipbuilding industry veteran Peter McIntosh OBE to succeed Andy White as chairman. McIntosh, the former executive director of VT Group PLC, holds experience of the marine and defense industries and will steer the innovative company through its next stage of growth, CTruk said. White will remain on the board as an executive director. Managing director Ben Simpson will be working closely with McIntosh on implementing…

25 Sep 2009

VT Group Disposal of Shareholding, BVT Surface Fleet

Support services company VT Group plc announced that it has signed a legally binding agreement with BAE Systems plc on the disposal of its 45 percent shareholding in BVT Surface Fleet Limited, the shipbuilding and naval support joint venture between BAE and VT, for cash consideration of $551.9m. In accordance with the joint venture agreement signed by VT and BAE on 11 June 2008 in relation to BVT, this cash consideration corresponds to the minimum exercise price of VT’s Put Option of $606.1m plus approximately $.9m of notional interest and net of deductions of $19.4m in respect of pensions liabilities, $35.1m in respect of dividend repayments and $.3m in respect of notional interest on funding provided by BAE Systems to BVT.

31 Jul 2009

VT Group, Trading in Line with Expectations

According to a July 30 report from The Wall Street Journal, U.K. defense and support services company VT Group PLC said it was trading in line with its own expectations and expects to deliver on its pledge to make net annual savings of $24.7m. (Source: The Wall Street Journal)

29 May 2009

NAIAD Acquires VT Motion Control Group

USA Naiad Maritime Group, Inc. and VT Group plc (VT) announced Naiad Maritime Group’s completion of the acquisition of the collection of businesses known as the VT Motion Control Group, including Naiad Marine Systems, Maritime Dynamics, Vosper Motion Control and Vosper Stabilizers. The acquisition was led by John Venables, former Group President of the VT Motion Control businesses, with 27 years in various engineering and executive capacities at the companies. Venables will continue to lead the business as President & CEO of Naiad Maritime Group. Naiad Maritime Group, Inc. is comprised of Naiad Dynamics US, Inc., Naiad Dynamics UK, Limited, and Naiad Dynamics Holland, BV. It has operations in Connecticut, Maryland, Florida, and Washington, the Netherlands, United Kingdom, and Australia.

25 Jul 2007

VT Group and BAE Systems Establish JV

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.

14 Dec 2006

BAE Systems, VT Group in Talks About Combining Shipbuilding Ops

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…

17 Oct 2006

BAE, VT Group Resume Merger Talks

Reports indicate that BAE Systems PLC and VT Group PLC have resumed talks to combine their shipbuilding operations The assets that are expected to be merged include BAE's yards at Barrow-in-Furness, Scotstoun and Govan on the Clyde, and VT's dock in Portsmouth. Source: AFX

07 Feb 2006

VT Group Buys Training Firm

Shipbuilding and support services supplier VT Group PLC bought training company Touchstone Learning and Skills Ltd for $20.9 million. VT acquired the work-based training provider, which specializes in the retail sector, from Martin Loftus and Touchstone Property Management Ltd. Southampton-based VT is paying $1.3 million in cash on completion and $19.6 in loan notes. Touchstone has annual profits of more than $1.7 million, operates primarily through UK government-funded contracts with the Learning and Skills Council (LSC) and has offices in several locations across England. VT, which already works in the hospitality, leisure, engineering and care sectors, said the acquisition would allow it to move into the retail market. (Source: Forbes)

27 Jan 2006

VT Group Makes Appointment

VT Group announced the appointment of Peter McIntosh, managing director of VT Shipbuilding to the position of chief executive of the Alliance Management Team (AMT) for the Ministry of Defense Future Aircraft Carrier (CVF) project. McIntosh’s background includes a 30-year career spent with Cammell Laird, as managing director of Fleet Support Limited (FSL) – a joint venture between BAE Systems and VT – and over the past three years as managing director of VT Shipbuilding. He will lead the team that has been charged with delivering the design, detailed costings and contractual framework that will allow the project to commit to manufacture. During this time, Peter will relinquish his position on the board of VT Group plc.

23 Jan 2006

VT Group Boss May Head AMT

VT Group PLC has confirmed that the boss of its shipbuilding division is in talks about leading the alliance that will build two new aircraft carriers for the Royal Navy. The shipbuilder and support services provider said it had noted speculation that VT Shipbuilding managing director Peter McIntosh is being considered for the post of chief executive of the Alliance Management Team (AMT) for the Ministry of Defense Future Aircraft Carrier (CVF) project. (Source: AFX)