Serco Joint Venture Agrees Updated UK Atomic Weapons Contract

By Rory Gallivan

LONDON--Outsourced services provider Serco Group PLC (SRP.LN) Thursday said its joint venture with Lockheed Martin Corp. (LMT) and Jacobs Engineering Group Inc. (JEC) have agreed an updated contract with the U.K.'s Ministry of Defence to manage the country's atomic weapons infrastructure.

The updated contract between the MoD and the joint venture, AWE Management Ltd, covers operations up to 2025 and "will provide the MoD with greater flexibility to vary activity with changes in funding and other program demands," said Serco.

"I am delighted that the U.K. Government has chosen to secure the operation and management of the Atomic Weapons Establishment through AWE ML, and that Serco will continue to play a central role in supporting a vital component of our national security and scientific expertise," said Serco Chief Executive Rupert Soames.

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

March 31, 2016 02:43 ET (06:43 GMT)

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