BAE, VT to Set Up Joint Company for Royal Navy Carrier Program
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. (ends)
VT Group Welcomes MoD CVF Announcement