VT Group

VT Group

Infobox Company
company_name = VT Group plc
company_
company_type = Public lse|VTG
foundation = 1966
location = Portsmouth, Hampshire, England
key_people = Paul Lester, CEO
Mike Jeffries, Chairman
industry = Support Services, Shipbuilding
products =
revenue = £1,004.6 million www.vtplc.com [http://www.vtplc.com/ir/product.asp?func=1&catID=563 Preliminary Results for year ending 31 March 2007] ]
operating_income = £74.2 million
net_income =
num_employees = 12,900
parent =
subsid = See below
homepage = http://www.vtplc.com
footnotes =

VT Group plc is a British defence and services company formerly known as Vosper Thornycroft. Founded by a merger between Vosper and Thornycroft in 1966, its original business was shipbuilding. It has since diversified into various engineering and support services.

As of 2007 it had a turnover of £1,004.6 million and employed approximately 13,000 people. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. VT Group is now involved in many areas of provision through five main operating groups: VT Communications, VT Education and Skills, VT Services Inc, VT Support Services and Shipbuilding.

History

The company was formed by the merger of two shipbuilding companies Vosper Limited of Portsmouth and J I Thornycroft of Woolston, Southampton in 1966. The former in small boats and the latter with a long history of building destroyers and similar sized craft. The company was nationalised by the Labour Government in the mid 1970s becoming a division of British Shipbuilders. It became a commercial company again after a management buyout in 1985.

Vosper Thornycroft has flourished even during lean times for warship building, mainly through successful sales efforts in exports and diversification outside of the core shipbuilding business into training and support. In 2001, in their most ambitious diversification project to date, VT started work on the US$55million superyacht Mirabella V for former Avis Car Hire boss Joe Vittoria. At the time of its completion in 2004, Mirabella V was the world's largest single-masted sailing vessel with an overall length of 75 metres and a mast height of approximately 87 metres. They have also made many other large sailing yachts.

The overall business has been known as VT Group plc since 2002.

Organisation

As of 2008 VT Group manages its subsidiaries through five main divisions:

;VT CommunicationsVT Communcations is split between two business units; Broadcast and Defence & Security. The former provides broadcast infrastructure and services.

;VT Education and SkillsVT Education and Skills provides various services to schools such as consultancy and facilites management. It also provides training services to commercial companies. VT Education and Skills also includes the former Flagship Training joint venture with BAE Systems which provides training for Royal Navy personnel and other customers.

;VT Services Inc.VT Services Inc. is the company's United States subsidiary and has three business units; VT Aepco, VT Griffin and VT Milcom.

;VT Support ServicesVT Support Services operates in defence, emergency service and commercial markets. Its business units are VT Aerospace, VT Critical Services, VT Land, VT Naval Support, VT Nuclear Services and VT Environmental Engineering.

;ShipbuildingFor many years, the company had a shipbuilding yard in Southampton, Hampshire but in 2003 relocated its shipbuilding operations to new facilities in the famous HMNB Portsmouth Naval Dockyard under the name VT Shipbuilding. With effect from 1 July 2008, VT Shipbuilding was merged with BAE Systems' Surface Fleet Solutions subsidiary to form BVT Surface Fleet. [cite press release| title = BVT Surface Fleet Joint Venture becomes operational| publisher = BAE Systems plc| date = 2008-06-30| url = http://www.baesystems.com/Newsroom/NewsReleases/autoGen_108530122154.html| accessdate =2008-07-01] VT Group owns 45% of the joint venture but has equal voting rights with BAE. [cite press release| title = VT Group and BAE Systems to create a world-class provider of naval ships and through life support| publisher = VT Group plc| date = 2007-07-25| url = http://www.vtplc.com/newsandevents/newsdetails.asp?ItemID=709| accessdate =2008-07-01 ]

References

External links

* [http://www.vtplc.com Company website]


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