A subsidiary of Babcock & Wilcox (B&W) has completed its acquisition of Nuclear Fuel Services (NFS) - a provider of specialty nuclear fuels and related services - for an undisclosed sum.
NFS is involved in the conversion of US government stockpiles of weapons-grade highly enriched uranium (HEU) into commercial nuclear reactor fuel. The company also operates a fuel production facility to support the USA's fleet of nuclear-powered submarines and aircraft carriers. NFS owns and operates a nuclear fuel fabrication facility licensed by the US Nuclear Regulatory Commission (NRC) in Erwin, Tennessee.
B&W - a subsidiary of engineering and construction company McDermott International - entered into a definitive agreement in early August 2008 to acquire NFS. The company works in advanced energy technology innovation and service, primarily in nuclear and fossil power. It has competed against NFS for Navy contracts. B&W's nuclear plant products include: heat exchangers; pressure vessels; pressurisers; reactor vessels and closure heads; steam generators; and used fuel dry storage containers. It is also involved in the military sector.
NFS will operate as a wholly-owned, indirect subsidiary of B&W, which said that it will continue existing operations at NFS' Erwin facility, "as well as pursue new business opportunities that complement the plant's capabilities."
Brandon Bethards, CEO of NFS, commented: "We are pleased to close this transaction and welcome the employees of NFS to our company." He added, "NFS expands our nuclear offerings and is a great addition to our operations. We are excited about the opportunities this acquisition will bring and our plans will capitalize upon them."