Defence and engineering giant Babcock International Group Plc has completed the £293m sale of a marine division consultancy with offices in Plymouth as it announced a £115m profit for the past six months.
The company – which operates the dockyards at Devonport, in Plymouth, and Rosyth, in Scotland – sold the Frazer-Nash Consultancy to KBR, Inc. an American engineering giant as part of a “turnaround plan” to tackle financial losses.
It marks the end of a 14-year partnership between Babcock and the Surrey-based engineering and technology consultancy which sprung out of classic carmaker Frazer-Nash.
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