VT to sell BVT stake to BAE Systems
VT will exit from shipbuilding...
VT Group have announced that they will exercise their option to sell their 45 per cent stake in BVT Surface Fleet, the shipbuilding joint venture between them and BAE Systems.
VT said the exit from the venture would enable them to concentrate on expanding their services businesses.
VT (formerly Vosper Thornycroft) and BAE Systems merged the surface shipbuilding operations at Govan and Scotstoun on the Clyde and VT's yard at Portsmouth only last year. The agreement included an option for VT to sell its stake to BAE if such a sale met with government approval.
In a statement published today the group said that the Ministry of Defence approved the move.
The sale of VT's stake is not expected to affect operations at the BVT yard in Portsmouth.
Meanwhile HMS DARING, produced by BVT, entered her home port for the first time today.
Sections of the ship, the bow and mast, were built at Portsmouth and taken to the Clyde, to be added to the rest of the vessel built at Glasgow.