Energy & Power
BWXT makes a “long-term strategic commitment to the attractive CANDU nuclear power segment”
August 23, 2016 By Anthony Capkun
August 23, 2016 – GE and Hitachi Ltd. are selling their joint venture—GE Hitachi Nuclear Energy Canada Inc. (GEH-C)—to BWXT Canada Ltd., a supplier of CANDU and pressurized water reactor steam generators worldwide, as well as other plant components.
This acquisition roughly doubles BWXT’s footprint in Canada, says the company, and “signals a long-term strategic commitment to the attractive CANDU nuclear power segment and the attendant growth opportunities related to plant life extensions”.
Following the completion of the transaction, GEH-C would maintain its headquarters in Peterborough, Ont., 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 while Mark Ward, GEH-C’s current president, is expected to remain a member of the leadership team.
“This transaction is good news for our business as it brings together the extensive knowledge and expertise of two firms committed to delivering high-quality products and services to the nuclear industry in Canada and abroad,” said Ward.
GEH-C has more than 60 years of experience in the supply of nuclear fuel and fuel channel components, services, equipment and parts for the CANDU nuclear power industry, says GE. This includes designing and supplying nuclear equipment to fuel, inspect and refurbish reactors. The company employs about 350 employees at three locations in Ontario: Peterborough, Toronto and Arnprior.
“These two organizations have extensive experience in innovation and leadership within the nuclear industry,” said Dr. John Barrett, president and CEO of the Canadian Nuclear Association. “I look forward to future successes for Canada’s nuclear sector and international opportunities abroad.”
The terms of the transaction were not disclosed. Subject to customary conditions, including regulatory approvals, the transaction is expected to close by the end of this year.
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