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Babcock International Group
From Wikipedia, the free encyclopedia
| Babcock International Group plc | |
|---|---|
| Type | Public LSE: BAB |
| Founded | 1 February 1989 (as plc) |
| Headquarters | London, UK |
| Industry | Support services |
| Revenue | £836.7 million (31st March 2006) |
| Operating income | £46.6 million (31st March 2006) |
| Net income | £29.9 million (31st March 2006) |
| Employees | 8,763 (31st March 2006) |
| Website | www.babcock.co.uk/ |
Babcock International Group PLC (LSE: BAB) is a British based support services company specialising in mobilising its engineering expertise to assist its customers in managing complex assets and infrastructure in safety- and mission- critical environments. Although the company has civil contracts, its main business is with public bodies, particularly the UK Ministry of Defence and Network Rail. The company has six UK operating divisions and overseas operations based in Africa and North America.
Babcock International traces its history back to 1891 when the American Babcock & Wilcox Company established Babcock & Wilcox Limited as its United Kingdom subsidiary. [1]
Babcock & Wilcox Ltd's early business centred around the manufacture of boilers. This expanded as a result of the two world wars and the supply of defence equipment became another major business area. In the 1960s the company became involved in the development of the UK's nuclear power stations.
In 1979 Babcock & Wilcox Ltd was renamed Babcock International Ltd. This company was floated on the stock exchange in 1982, becoming Babcock International PLC. In 1987 Babcock merged with FKI Electricals plc, another engineering company to form FKI Babcock PLC. In February 1989 FKI Babcock PLC demerged to form Babcock International Group PLC and FKI plc. [2].
In 2000 Babcock took the strategic decision to move away from manufacturing towards applying its engineering heritage and expertise to maintain and support the critical equipment and infrastructure of customers for whom outsourcing was seen as an attractive option. One of the early expressions of this strategy was in 2002 Babcock was reclassified on the London Stock Exchange from Engineering to Support Services.
More significant were the gradual series of acquisitions, coupled with measures to enhance organic performance over the years following the 2000 decision.
These include:
19 June 2002 - acquired Service Group International Ltd, support services in defence and civil markets
18 June 2004 - bid for Peterhouse Group plc declared unconditional as over 50% of shares held
30 September 2004 - acquired Turner and Partners, professional services in telecoms industry
9 May 2006 - acquired Alstec Group Ltd, nuclear and airport services operator
13 June 2006 - acquired high voltage power lines and mobile telecoms business of ABB South Africa (Pty)
10 May 2007 - 19 million new shares place to fund acquisitions
28 June 2007 - acquired Devonport Management Limited, operators of Devonport Dockyard nuclear submarine and surface vessel facilities
25 July 2007 - announcement that the Aircraft Carrier Alliance, of which Babcock International is a part, would carry out final assembly of two new aircraft carriers for the Royal Navy at their Rosyth Dockyard
7 August 2007 - acceptances for acqusition of International Nuclear Solutions PLC reached 58.9% of issued share capital
- ^ "Records of Babcock International Group plc." Glasgow University Archive Services
- ^ "Records of Babcock Industrial & Electrical Products Ltd" Glasgow University Archive Services
