20th May 2008 10:02
VT GROUP WELCOMES MoD CVF ANNOUNCEMENT
VT Group, the defence and support services company, welcomes the announcement by the UK Ministry of Defence today that it intends to proceed to the manufacturing stage in the project to build two aircraft carriers (CVF) for the Royal Navy.
VT and BAE Systems will now finalise arrangements for the Joint Venture combining their shipbuilding and naval support businesses, following the framework agreement signed in July 2007. VT and BAE expect the JV transaction documentation to be signed shortly and the agreement will then be subject to VT shareholder approval.
For further information contact:
Paul Lester, Chief Executive 01489 775211
Phil Harrison, Finance Director 01489 775262
Related Shares:
BAE Systems