Acquisition

BAE SYSTEMS PLC 27 September 2002 BAE SYSTEMS and VT Group extend shareholding in Flagship BAE SYSTEMS and VT Group have acquired Johnson Controls Limited's 26 per cent share of Flagship Training Limited (Flagship). Both companies had previously held a 37 per cent share in Flagship but this agreement now provides for 50/50 joint ownership. Flagship, which has its headquarters at HMS Collingwood near Portsmouth, entered into a 15-year partnering arrangement with the Naval Recruiting and Training Agency (NRTA) in 1996. Through this ground breaking Public Private Partnership, Flagship markets Royal Navy training around the world, provides facilities management and construction services and invests through PFI in new training infrastructure. Flagship has a turnover of c£70m per annum and employs 1200 staff both in the UK and overseas. The net assets of Flagship at March 2002 is £500,000 The BAE SYSTEMS shareholding in Flagship is through its Customer Solutions & Support business. Issued by: BAE SYSTEMS plc London This information is provided by RNS The company news service from the London Stock Exchange

Companies

BAE Systems (BA.)
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