BAE Systems has announced today 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."
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. (ends)
BAE Systems Acquires VT Group’s Stake in BVT