, that it has acquired VT Group's 45% shareholding in BVT Surface Fleet Limited (BVT).
BVT is now wholly owned by BAE Systems and will be renamed BAE Systems Surface Ships Limited.
Nigel Whitehead, BAE Systems' Group Managing Director, Programmes & Support, said: 'Bringing BVT into full ownership of BAE Systems further strengthens our global maritime business and is consistent with our strategy to establish a sustainable and profitable through life business in air, land and sea.
'Surface Ships has a solid order book, a clear strategy to transform the UK maritime sector and a commitment to deliver existing and future programmes.
'Our 15 year Terms of Business Agreement with the UK Ministry of Defence will sustain key industry capabilities in the UK and provides a strong platform on which to build future domestic and international business.'
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 £18.5 billion (US $34.4 billion) in 2008.
For further information please contact:
John Neilson, BAE Systems
Tel: +44 (0)1252 384795 Mob: +44 (0)780 2 337704
john.neilson@baesystems.com
Lindsay Walls, BAE Systems
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 384710 Fax: +44 (0) 1252 383947
24hr media hotline: + 44 (0) 7801 717739
www.baesystems.com
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