BWX Technologies subsidiary to acquire Canadian company
Lynchburg-based-BWX Technologies Inc. has announced that its subsidiary BWXT Canada Ltd. (BWXT Canada) has entered an agreement to acquire GE Hitachi Nuclear Energy Canada Inc. (GEH-C).
The terms of the transaction are not being disclosed.
GEH-C is a major supplier of fuel, fuel-handling systems, delivery systems and replacement components for CANDU reactors, Canadian-developed, pressurized heavy water reactors used for generating electric power.
GEH-C employs about 350 employees and operates three sites in Ontario, including Peterborough, Toronto and Arnprior
The deal is expected to be completed, subject to required Canadian regulatory reviews and other closing conditions, during the fourth quarter of 2016.
BWXT said the acquisition would double its footprint in Canada and signal a long-term strategic commitment to the CANDU nuclear power segment.
Following the completion of the deal, GEH-C would maintain its headquarters in Peterborough and its activities would be operated as part of BWXT Canada’s overall commercial nuclear business.
John MacQuarrie, BWXT Canada’s president, will lead the combined organization and Mark Ward, GEH-C’s current president, is expected to remain a member of the leadership team.