BWX Technologies, Inc. to Acquire Business
Serving the CANDU® Industry
MISSISSAUGA, ON, Aug. 18, 2016 /CNW/ - GE (NYSE: GE) and
Hitachi, Ltd. (TSE: 6501) are pleased to announce that they have
entered into a definitive agreement for the sale of GE Hitachi
Nuclear Energy Canada Inc. (GEH-C) to BWXT Canada Ltd. (BWXT
Canada) a subsidiary of BWX Technologies, Inc. (NYSE: BWXT). The
transaction is subject to customary conditions, including
regulatory approvals, and is expected to close by the end of
2016.
"GEH-C's people, expertise, products and service capabilities
make it the right fit for BWXT Canada and its goals of long-term
growth in serving the nuclear industry," said Elyse Allan, president and CEO, GE Canada and
Chairman of the Board of GEH-C. "Like GEH-C, BWXT has a long
history serving Canada's nuclear
industry and they share the same values of quality, innovation and
safety."
"BWXT Canada has a rich Canadian history and an impressive track
record of continued investment in technology, process, and research
and development," said GEH-C president and CEO Mark Ward. "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."
GEH-C has more than 60 years of extensive experience and
innovation in the supply of nuclear fuel and fuel channel
components, services, equipment and parts for the CANDU® nuclear
power industry. This includes designing and supplying highly
reliable nuclear equipment to fuel, inspect, and refurbish
reactors. GEH-C employs approximately 350 skilled employees at
three locations in Ontario:
Peterborough, Toronto and Arnprior.
"GEH-C has been an important part of GE's history in
Canada and has made significant
contributions to Canada's nuclear
industry over the last 60 years," added Allan. "We are confident
that BWXT Canada is the right business to take GEH-C forward for
our customers and employees."
Cautionary Statement Regarding Forward-Looking
Statements
This news release may contain forward-looking statements, which
reflect GE Hitachi Nuclear Energy Inc.'s, GE's and Hitachi, Ltd.'s
current expectation regarding future events. These forward-looking
statements involve risks and uncertainties that may cause actual
results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to, uncertainties associated with approval of applicable
governmental authorities, necessary regulatory approvals and other
customary conditions. Except as required by applicable securities
laws, GE Hitachi Nuclear Energy Canada Inc., GE and Hitachi, Ltd.
do not assume and expressly renounces any obligation to update any
forward-looking information. Additionally, GE Hitachi Nuclear
Energy Canada Inc., GE and Hitachi, Ltd. undertake no obligation to
comment on expectations of, or statements made by, third parties in
respect of the transaction.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
segments, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
About Hitachi
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer
society's challenges. The company's consolidated revenues for
fiscal 2015 (ended March 31, 2016)
totaled 10,034.3 billion yen
($88.8 billion). The Hitachi Group is
a global leader in the Social Innovation Business, and it has
approximately 335,000 employees worldwide. Through collaborative
creation, Hitachi is providing solutions to customers in a broad
range of sectors, including Power / Energy, Industry / Distribution
/ Water, Urban Development, and Finance / Government & Public /
Healthcare. For more information on Hitachi, please visit the
company's website at http://www.hitachi.com.
About BWXT Canada Ltd.
BWXT Canada Ltd. (BWXT Canada) has supplied over 300 CANDU and
Pressurized Water Reactor steam generators worldwide, as well as
other critical plant components. The company's in-depth knowledge
comes from over 50 years of experience in the design,
manufacturing, commissioning and service of nuclear power
generation equipment. BWXT Canada is a subsidiary of BWX
Technologies, Inc. (NYSE: BWXT). BWXT is a leading supplier of
nuclear components and fuel to the U.S. government; provides
technical, management and site services to support governments in
the operation of complex facilities and environmental remediation
activities; and supplies precision manufactured components and
services for the commercial nuclear power industry. Learn more at
www.bwxt.com.
SOURCE General Electric Canada Inc.