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BAE Cuts More Jobs

With regret, BAE SYSTEMS announces 40 job losses in its UK Underwater Systems business at Waterlooville, Hampshire. In accordance with normal company practice, we will be entering into consultations with employees and Trade Union representatives.

The principal reason for these job losses is a reduction in the requirements of all our customers for complex development projects.

BAE SYSTEMS has been making considerable efforts to find fill-in work, however despite recent contract wins such as the Airbourne-Mine Neutralisation System, Sting Ray Mod 1 and a contract to provide Replacement Automatic Test Equipment for Spearfish programme expected this summer, a reduced workload in certain skill areas is still anticipated.

These job losses will be in addition to the 33 voluntary redundancies announced earlier in 2003.

Andy Williams, Managing Director of Underwater Systems said We believed that we had a forward plan which used our key skills for the foreseeable future. However, some anticipated contracts have not materialised and we must now downsize our workforce to match the current workload.

We have worked very hard to find appropriate additional work for the business and it is with deep regret that we are having to take these actions. Notwithstanding this announcement, we will continue to pursue any opportunity we can in order to minimise the impact of this dip in our workload.

I recognise the concern that this announcement will cause our employees and their families. We are determined to handle this matter sensitively and professionally. However, we believe that by taking these difficult measures now, we will help to secure the longer term future for our business.

BAE Systems employs nearly 100,000 people including Joint Ventures, and has annual sales of around 12 billion pounds sterling. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE Systems designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, guided weapon systems and a range of other defence products.

-ends- BAE Systems Announces Job Losses In Its UK Underwater Systems Business