B&W Subsidiary Completes Acquisition of Nuclear Fuel Services
06 January 2009 - 1:00AM
Business Wire
McDermott International, Inc. (�McDermott�) (NYSE:MDR) announced
today that an affiliate of its subsidiary, The Babcock & Wilcox
Company (�B&W�), has completed the previously announced
acquisition of Nuclear Fuel Services, Inc. (�NFS�), a provider of
specialty nuclear fuels and related services. This acquisition
enhances B&W's position as a leading provider of nuclear
manufacturing and services for government and commercial markets.
Located in Erwin, Tennessee, NFS is a leader in the conversion of
Cold War-era government stockpiles of highly enriched uranium into
commercial nuclear reactor fuel. The company also operates a fuel
production facility to support America�s fleet of nuclear-powered
submarines and aircraft carriers. With approximately 700 employees,
NFS owns and operates a nuclear fuel fabrication facility licensed
by the U.S. Nuclear Regulatory Commission. �We are pleased to close
this transaction and welcome the employees of NFS to our company,�
said Brandon Bethards, Chief Executive Officer of B&W. �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 to capitalize upon them.� B&W will
continue NFS� existing activities at the Erwin facility, as well as
pursue new business opportunities that complement its capabilities.
NFS will operate as a wholly-owned, indirect subsidiary of B&W.
McDermott is an engineering and construction company, with
specialty manufacturing and service capabilities, focused on energy
infrastructure. McDermott�s customers are predominantly utilities
and other power generators, major and national oil companies, and
the United States Government. With its global operations, McDermott
operates in over 20 countries with more than 25,000 employees, and
can be found on the internet at www.mcdermott.com. In accordance
with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott cautions that statements
in this release that are forward-looking and provide other than
historical information involve risks and uncertainties that may
impact the actual results realized from the acquisition of NFS. The
forward-looking statements in this release include statements
regarding the expected benefits and opportunities from this
acquisition. Those statements are made based on various underlying
assumptions and are subject to numerous uncertainties and risks,
including, without limitation, difficulties in integrating NFS with
B&W�s operations and changes in management's plans regarding
the operation of NFS. For a detailed discussion of these and other
risks factors that may affect our Company, see the "Risk Factors"
heading in Item 1A of Part I to McDermott's Form 10-K for the year
ended December 31, 2007, filed with the Securities and Exchange
Commission.
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