BAE SYSTEMS welcomes 15 year MoD agreement
BVT Surface Fleet, the maritime joint venture between BAE Systems and VT Group, and the Ministry of Defence have today signed a legally binding 15 year Terms of Business Agreement (ToBA), that will reduce the cost of warship building and support for the Royal Navy, secure the long-term sustainable future of the UK warship building industry and deliver efficiency savings for the UK taxpayer.
Nigel Whitehead, Group Managing Director, Programmes & Support commented: ‘This is an important milestone for British engineering and manufacturing, and the long term sustainability of the UK industrial base. It is also an important milestone for the Royal Navy who will continue to benefit from the delivery of world class ships and capabilities to support vital operations around the globe’.
VT have announced that they expect to exit the JV later this year, following which BVT will become wholly owned by BAE Systems.
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