A global defence, aerospace and security company. BAE Systems delivers a range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and support services. I have a holding in my income portfolio (epic code: BA.)
Yesterday BAE issued the outline of an agreement with UK MOD on rationalisation of the UK ship business. This will result in the closure of the Portsmouth shipbuilding facility with the loss of 940 jobs and to consolidate shipbuilding in its Scottish facilities, although this will also result in the loss of a further 835 jobs.
The cost of the restructuring will be borne by the MOD.
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