BWX Technologies (NYSE:BWXT) subsidiary BWXT Canada Ltd. (BWXT Canada) has completed its acquisition of the GE Hitachi Nuclear Energy Canada (GEH-C) joint venture, which has been re-named BWXT Nuclear Energy Canada Inc. (BWXT NEC).
BWXT reported completion of the purchase, which was announced in August, in a Dec. 19 news release.
The terms of the transaction are not being disclosed. The transaction is expected to be accretive to BWXT’s 2017 earnings.
A leading supplier of fuel, fuel handling systems, tooling delivery systems and replacement components for CANDU® reactors, BWXT NEC will now operate as a subsidiary of BWXT Canada and will maintain its current locations and management team, including President Mark Ward, who will lead the subsidiary.
With the completion of the acquisition, BWXT Canada and BWXT NEC now employ a total of approximately 850 employees at four major operating sites across Ontario.
Excluding the effects of purchase accounting over the next couple of years, GEH-C’s operating margins compare favorably with the 10% margins of the overall BWXT Nuclear Energy segment, BWXT said.
“This acquisition signals our strong commitment to the CANDU® market and positions us to better serve our customers with more capability and increased value,” said BWXT Canada President Mark Ward.
“We are excited about this new chapter and to begin working as part of the BWXT family,” said Mark Ward, President of BWXT NEC.
Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a provider of advanced reactors and nuclear services. Established in 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. http://www.bwxt.com/news/2016/12/19/BWXT-Completes-Acquisition-of–GE-Hitachi-Nuclear-Energy-Canada-Inc