In a cashless transaction, BWXT will be given the 11 acres of land from Framatome and a center.
“This strategic divestiture suggests a much better focus on our core government nuclear manufacturing and website operations businesses,” said Rex Geveden, BWXT’s president and chief executive officer. “Adding a top nuclear-qualified manufacturing center to our footprint also enables growth into space and defense microreactors.”
Under the conditions of the agreement, BWXT will transition contracts, equipment and intellectual property. BWXT will assume possession and occupancy of the Framatome facility located near one of the Virginia production sites of BWXT.
BWXT’s manufacturing and services business is not a part of this transaction and will continue its work overseas and in North America.
North Inlet Advisors, LLC served as financial advisor to BWXT for this particular transaction.
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the expected benefits of the divestiture of the U.S commercial nuclear services business and acquisition of the production center and management’s plans, expectations and timing for the production center. These forward-looking statements are based on management’s current expectations and involve numerous uncertainties and risks, including, among other matters, our ability to obtain the necessary regulatory approvals, licenses and permits in a timely fashion or at all. If at least one of the risks or other risks materialize, actual results may vary materially from those expressed. To get a more comprehensive discussion of other risk factors that impact the organization’s business, financial condition and results of operations, visit BWXT’s filings with Securities and Exchange Commission, including our annual report on Form 10-K for its year ended December 31, 2019 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by law.