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Vosper Thornycroft (VSP)

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Friday 02 November, 2001

Vosper Thornycroft


Vosper Thornycroft Holdings PLC
2 November 2001

2 November 2001




In a strategic move to broaden the market base of its support services
business, VT has agreed to acquire Griffin Services Inc ('Griffin') for a
total consideration of up to $31m from private vendors. $19M will be paid at
completion with a further $12m payable based on future performance. For the
year ended 31 December 2000 the company had turnover of $55m and operating
profit of $2.5m. The transaction is conditional upon receiving formal USA
security approvals.

Griffin, with headquarters in Atlanta, is a leading provider of base
operations and maintenance support services to the US Department of Defence.
The company operates at military sites across the USA and has an order book of
over $300m. Griffin provides under umbrella contracts a range of services,
including facilities management and operations, logistics, engineering
services and airfield management. Contracts are typically for periods of five
years. Griffin's services fit well with VT's existing range of support

Martin Jay, VT Chief Executive, said: 'We are delighted to be able to announce
this strategic development of our military support activities. We have gained
considerable experience of the UK defence outsourcing market. We now have the
opportunity to marry this experience with the solid track record established
by Griffin. The US defence market is by far the largest in the world and we
believe that opportunities for private sector service providers are growing.
Griffin is well positioned to capitalise on this growth. We are also pleased
that Jim Griffin, the Chairman of Griffin, has agreed to remain with the

For further enquiries
Vosper Thornycroft Holdings plc
Martin Jay (Chief Executive)                         023 8042 6000
Chris Cundy (Finance Director)


Notes to Editors

  * VT is a leading defence and civil contractor focusing on 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 £400 million per

  * VT's Support Services - encompassing both civil and military activities
    - has been growing at a rate of 40% a year and now accounts for 50 per
    cent of turnover. 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.