Babcock to buy naval repair yard
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Manufacturing News, Source : TheManufacturer.com
Published : 29 Jun 2007 11:01
Ministry of Defence (MoD) has agreed to Babcock purchase of Devonport Naval repair yard.
MoD has agreed to the transfer of ownership of Devonport Management Limited (DML), the submarine and warship maintenance yard in Devonport, to Babcock International Group, subject to completion of the necessary regulatory approvals.
The yard was put up for sale in 2006 by Halliburton KBR, Weir Group and Balfour Beatty. It currently employs some 4800 staff carrying out refits and overhauls of sophisticated warships such as frigates, destroyers and the Royal Navy's flotilla of nuclear-powered submarines.
MoD retains a Special share in the business. Minister for Defence Equipment and Support, Lord Drayson said: "This announcement marks a significant step forward in realising our plans to see a vibrant and sustainable UK maritime industry, as laid out in the Defence Industrial Strategy."
Following this announcement, MoD and Babcock will enter negotiations on a formal agreement covering the operation of the yard, which is expected to reach conclusion next year.
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