Power systems developer Rolls-Royce has bagged a bumper contract with the Ministry of Defence (MoD) to supply reactor cores for the UK's nuclear-powered submarine fleet.
In a deal worth more than £1bn the UK engineering colossus will also undertake to spruce up the current Rolls-Royce submarine reactor core manufacturing facility in Derby.
Rolls-Royce will continue to maintain and operate its existing reactor core manufacturing facility in Derby, while at the same time completing a phased rebuild to provide a leading-edge manufacturing facility to support future MoD programme
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
needs.
Shares in Rolls-Royce were 6p higher at 828p after two hours of trading on the day the contract win was announced.
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
