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BAE Systems plc (OTC:BAESY) (OTC:BAESF) has secured £3.95 billion in funding for the progression of the SSN-AUKUS project, the U.K.'s next-generation nuclear-powered attack submarine program.
The SSN-AUKUS submarines are set to be the most formidable and technologically advanced in the Royal Navy's fleet.
The submarines, replacing the Astute class, will be constructed at BAE Systems' facility in Barrow-in-Furness, Cumbria.
In March, leaders from the three nations unveiled the AUKUS agreement, a strategic alliance aimed at fostering deeper military cooperation. Under this pact, the SSN-AUKUS submarines will integrate cutting-edge technologies from all participating countries, enhancing their collective defense capabilities.
The £3.95 billion funding allocation will not only facilitate the detailed design phase and procurement of essential components but also generate employment for over 5,000 individuals, marking a notable economic uplift for the region.
BAE Systems’ Submarines business plays a vital role in the U.K. economy, particularly in the north west of England. By the end of this year, its workforce will grow to 12,500, including around new 900 apprentices and graduates.
Price Action: BAESY shares closed lower by 2.04% at $49.45 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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