20 May 2008 | Ref. 166/2008
BAE Systems has today welcomed the announcement by the UK Ministry of Defence that it intends to proceed to the manufacturing stage in the project to build two new 65,000 tonne aircraft carriers (CVF) for the Royal Navy.
The move will enable BAE Systems and VT Group to progress finalisation of the arrangements for BVT Surface Fleet, the Joint Venture (JV) combining their shipbuilding and naval support businesses, following the framework agreement signed in July 2007. BAE Systems and VT Group expect the JV transaction documentation to be signed shortly. The agreement will then be subject to VT shareholder approval.
Chief Executive Mike Turner comments: “This is an important milestone in the development of the CVF programme and plays a major part in the long term sustainability of the UK naval sector and the transformation of our business. The programme will provide a strong order book and forward workload over the coming years and, most importantly will provide our armed forces with significantly enhanced capability.”
About BAE Systems:
BAE Systems is the premier global defence and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 97,500 employees worldwide, BAE Systems' sales exceeded £15.7 billion (US $31.4 billion) in 2007.
For further information contact:
Stephen Bethel
Tel: +44 (0)1252 384029 Mob: +44 (0)7793 426328
stephen.bethel@baesystems.com
Lindsay Walls
Tel: + 44 (0) 1252 383074 Mob: 44 (0) 7793 427582
lindsay.walls@baesystems.com
Issued by:
BAE Systems, Farnborough, Hampshire GU14 6YU, UK
Tel: +44 (0) 1252 384719 Fax: +44 (0) 1252 383947
24hr media hotline: + 44 (0) 7801 717739
www.baesystems.com
