SECCF - U.K. retakes control of nuclear weapons from Lockheed consortium

Britain is taking back direct control of the operation and development of the country's nuclear weapons from a consortium of Lockheed Martin (LMT), Serco (SECCF) and Jacobs Engineering (J) in June 2021."The change in model will remove the current commercial arrangements, enhancing the MoD’s (Ministry of Defence) agility in the future management of the UK’s nuclear deterrent, whilst also delivering on core MoD objectives and value for money to the taxpayer," the government said.Operation of the Atomic Weapons Establishment, which maintains the warheads for the Trident submarine-based nuclear deterrent, was awarded to the AWE Management consortium in 1999 under a 25-year contract.Serco fell 13% in London on the news, though shares of Lockheed were up 1% in New York.Analysts at Jefferies still expect some compensation as the consortium was now meeting its targets following a period of underperformance about five years ago.

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U.K. retakes control of nuclear weapons from Lockheed consortium