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Last Updated: Thursday, 28 June 2007, 15:19 GMT 16:19 UK
MoD agrees to sale of Devonport
Plymouth's Devonport naval dockyard
DML has a workforce of nearly 5,000
The Ministry of Defence (MoD) has agreed to the 350m sale of Devonport Dockyard to Babcock International.

The defence group is buying Devonport Management Limited (DML) from a consortium including Kellogg Brown and Root and Balfour Beatty.

The MoD said the transfer of ownership was subject to regulatory approvals.

Defence Minister, Lord Drayson, said: "This is a significant step forward." The Ministry will however retain a share in the business.

Whilst the sale was agreed in May, this new announcement has secured the transfer of ownership from DML to Babcock International.

Devonport maintains, upgrades and fuels the Royal Navy's submarines, and the deal is set to make Babcock the UK's leading naval maintenance firm.

DML has controlled the Plymouth dockyard since 1997.

The firm has a workforce of nearly 5,000.




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The deal is worth about 350m



SEE ALSO
Naval dockyard bought for 350m
10 May 07 |  Business
BAE 'makes solo bid' for dockyard
20 Mar 07 |  Business

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