Babcock International has sold US defence business VT Services for £61m to VT Holdings Inc. VT Service was acquired as part of the takeover of VT Group in 2010 and does not fit with Babcocks strategy. Babcock recorded revenue of £3.1bn in 2011, compared with £2.7bn in 2010, while pre-tax profit increased from £216.7m to £274.1m.

Smith & Nephew are proposing to move the manufacturing of some products from its factory in Hull to China with the loss of up to 70 jobs by the end of next year. The company remains committed to the future of the Hull site and has created 100 additional jobs since opening its facility in China in 2009.

Outsourcing services provider Enterprise could be acquired by Ferrovial, the owner of Heathrow airport. Advanced talks are underway over the takeover bid which is estimated to be worth £500m. Ferrovial plans to merge the business with Amey, its British engineering subsidiary.

The build of a new hi-tech waste treatment and recycling facility are expected to be signed off by the end of 2012 creating around 275 jobs. The project is part of a £750m Private Finance Initiative which is expected to be operational in 2013. The current household waste centres in Fitzwilliam and South Kirkby will close Employees from the two defunct sites will be transferred to the Babcock International Group, which is set to deliver the PFI scheme