Newspaper says Britain's sole major shipbuilding company is on track

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From The Shipping Times:

BAE and VT have agreed terms says The Times

The Times newspaper reports that BAE Systems and the VT Group have provisionally agreed the ownership structure of a new shipbuilding venture formed from the merger of their respective shipbuilding operations.

The paper says they understand BAE Systems would have majority ownership at 55 percent.
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From Defence

BAE, VT Announce Final Agreement on Shipyard Merger

Britain’s naval surface shipbuilding industry has been reduced to just one significant company with the announcement that BAE Systems and the VT Group are to merge their operations into a joint venture.
The deal allows BAE to buy VT’s 50 percent share of the business within three years for a minimum of 380 million pounds ($783.7 million). Warships only account for about 20 percent of VT’s business. The bulk of its 1 billion pound sales activities are in support and training.
The two companies have been in talks for months over a merger of their yards. But the official go-ahead has been awaiting a government announcement that it intended to proceed with the building of two 65,000-metric-ton aircraft carriers for the Royal Navy.
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From The United Press International:

Naval orders boost Scots shipyards

GLASGOW, Scotland, Dec. 26 (UPI) -- BAE Systems said its Scottish shipyards had an exceptionally successful year in naval orders.

"Clyde yards are celebrating one of their most successful years in generations following a series of major achievements in 2007. The yards have delivered strong performance on all programs and seen yet another year of increased investment, particularly in the workforce with the highest number of apprentices in generations starting their careers on the yards," the company said in a statement last week.
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