Some £480m from the sale of company-owned properties will be used towards cutting BAE System’s £3.1bn pensions deficit.
The company’s 351 acre Samlesbury factory, in Lancashire, has been sold to the company’s pension funds as part of a £1.1bn payment to help pay down the deficit in four UK schemes.
Two office blocks in Edinburgh will also be sold this year.
References: The Daily Telegraph 14/06/06 page B1, page B2 (Comment), page B6 (DataBase), Financial Times 14/06/06 page 1, page 20 (Lombard), The Guardian 14/06/06 page 22, The Independent 14/06/06 page 3
