Vosper Thornycroft Holdings PLC
23 May 2001
FOR IMMEDIATE RELEASE 23 May 2001
VOSPER THORNYCROFT ACQUIRES RTK MARINE
Vosper Thornycroft ('VT') has acquired today the business of RTK Marine
('RTK'). RTK, based in Poole, is a leading supplier of workboats and military
boats for the UK and overseas markets. RTK will be integrated with VT's
existing specialist boatbuilder, Halmatic.
VT Chief Executive Martin Jay commented:' The acquisition of RTK is in line
with our strategy to strengthen further Halmatic's product portfolio in the
commercial and military boat sectors.'
Arthur Moseley, the vendor, said: 'I am delighted that RTK is joining forces
with Halmatic. Under the VT umbrella, the combined business will be well
positioned for growth and RTK and its employees will be able to play their
Notes to Editors:
* VT is a leading defence and civil contractor focusing on technical and
other related support services, shipbuilding and marine products.
Together, these activities employ 7,500 people in a global network
covering the UK, Europe, United States and the Middle East. Turnover is in
the region of £300 million per year.
* Support Services account for 50 per cent of turnover and consist of
military and civil activities. Military support is tri-service and
includes training, platform and equipment maintenance and facilities
management, while civil support focuses on training and education, careers
guidance, and specialist engineering.
* VT is one of the world's leading designers and builders of naval ships,
both for the Royal Navy and overseas customers. Products include
destroyers, frigates, patrol vessels, attack craft, minehunters and
smaller boats for the paramilitary and commercial market. Building is in
steel, aluminium or fibre reinforced plastic.
* VT Marine Products is an electronic/electrical systems business
concentrated on the marine, offshore and power industries.
* RTK Marine has been established for around 30 years and its major
products are the Sea Truck modular workboat; raiding craft for operators
including the Royal Marines and overseas forces, and combat support boats.
The company also has a substantial spares and support business. There is
no overlap of RTK's product range with that of Halmatic.
* VT has paid an initial cash consideration of £4m with up to a further £
2m payable based on future performance. RTK has an annual turnover of c.£
Vosper Thorneycroft Holdings plc
023 8042 6000