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Babcock And Wilcox To Acquire Nuclear Fuel Services
Houston TX (SPX) Aug 13, 2008 McDermott International has announced that an affiliate of its subsidiary, The Babcock and Wilcox Company, has entered into a definitive agreement to acquire Nuclear Fuel Services, a provider of specialty nuclear fuels and related services. This acquisition strengthens B and W's nuclear manufacturing and service business for government and commercial markets. NFS is a leader in the conversion of Cold War-era government stockpiles of highly enriched uranium into commercial nuclear reactor fuel. The company also operates a fuel production facility to support America's fleet of nuclear-powered submarines and aircraft carriers. It has approximately 700 employees and owns and operates a nuclear fuel fabrication facility licensed by the U.S. Nuclear Regulatory Commission in Erwin, Tennessee. "NFS is a great addition to the B and W portfolio, complementing the nuclear products and services we currently provide," said John A. Fees, President and Chief Executive Officer of The Babcock and Wilcox Company. "B and W and NFS have been major contributors in both the government and commercial nuclear industries for the past five decades. This acquisition better aligns both companies in delivering the future applications of nuclear energy." The transaction is contingent upon obtaining regulatory approvals and satisfying other closing conditions. The transaction is expected to be completed by the end of 2008. McDermott is an engineering and construction company, with specialty manufacturing and service capabilities, focused on energy infrastructure. McDermott's customers are predominantly utilities and other power generators, major and national oil companies, and the United States Government. With its global operations, McDermott operates in over 20 countries with more than 20,000 employees. Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links McDermott International Civil Nuclear Energy Science, Technology and News Powering The World in the 21st Century at Energy-Daily.com
Progress Energy Florida Files Nuclear Plant Application With NRC
St. Petersburg FL (SPX) Aug 12, 2008Progress Energy Florida has announced that it submitted a combined license (COL) application with the Nuclear Regulatory Commission (NRC) to construct a new nuclear power plant in Levy County, Florida. |
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