BWXT Awarded $1 Billion in Naval Nuclear Propulsion Program Options
February 23 2022 - 5:45AM
Business Wire
BWX Technologies, Inc. (NYSE: BWXT) announced today that the
U.S. Naval Nuclear Propulsion Program has exercised contract
options totaling approximately $1 billion for manufacturing naval
nuclear reactor components and fuel.
“BWXT is gratified to continue to support the U.S. Navy as the
sole manufacturer of naval nuclear reactors and fuel for U.S.
submarines and aircraft carriers,” BWXT Nuclear Operations Group,
Inc. President Joel W. Duling said. “For more than 65 years, we
have enabled U.S. sailors to fulfill their missions across the
globe, while also supporting our communities here at home with
thousands of manufacturing jobs.”
BWXT Nuclear Operations Group, Inc., a subsidiary of BWXT, will
complete this work on Columbia and Virginia-class reactor
components at sites in Lynchburg, Virginia; Barberton and Euclid,
Ohio; and Mount Vernon, Indiana. Reactor component manufacturing
under this option is valued at nearly $840 million. Manufacture and
delivery of fuel, and development work for future Naval Nuclear
Propulsion programs, valued at nearly $200 million, will be
performed at BWXT subsidiary Nuclear Fuel Services, Inc. in Erwin,
Tennessee. The options were awarded in the fourth quarter of
2021.
BWXT has manufactured naval nuclear components and reactor since
the 1950s. Its reactors power the U.S. Navy’s Ohio, Virginia,
Seawolf and Los Angeles-class submarines, as well as the Nimitz and
Ford-class aircraft carriers. The company anticipates completion of
the first set of components for the new Columbia-class ballistic
missile submarine next year.
Today, those ships and submarines represent more than 40% of the
U.S combat fleet.
Forward Looking Statements
BWXT cautions that this release contains forward-looking
statements, including statements relating to the performance,
timing, impact and value, to the extent contract value can be
viewed as an indicator of future revenues, of the naval nuclear
reactor options and execution of any future options or contract
awards. These forward-looking statements involve a number of risks
and uncertainties, including, among other things, modification or
termination of the contract and delays. If one or more of these or
other risks materialize, actual results may vary materially from
those expressed. For a more complete discussion of these and other
risk factors, please see BWXT’s annual report on Form 10-K for the
year ended December 31, 2021 and subsequent quarterly reports on
Form 10-Q filed with the Securities and Exchange Commission. BWXT
cautions not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and
undertakes no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Fortune 1000 and Defense News Top 100 manufacturing and engineering
innovator that provides safe and effective nuclear solutions for
global security, clean energy, environmental remediation, nuclear
medicine and space exploration. With approximately 6,600 employees,
BWXT has 12 major operating sites in the U.S. and Canada. In
addition, BWXT joint ventures provide management and operations at
more than a dozen U.S. Department of Energy and NASA facilities.
Follow us on Twitter at @BWXT and learn more at www.bwxt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220223005335/en/
Media Contact Chris Dumond Communications Manager
434.522.5015 cmdumond@bwxt.com
Investor Contact Mark Kratz Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
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