LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE:BWXT) announced today that it has completed the acquisition of Sotera Health’s Nordion medical isotope business.
The acquisition adds approximately 150 highly trained and experienced personnel, two specialized production centers and a uniquely licensed infrastructure that will de-risk BWXT’s entry into the medical radioisotope market.
“We are extremely pleased to complete this strategic acquisition,” said Rex D. Geveden, BWXT’s president and chief executive officer. “With Nordion’s medical isotopes business, we inherit a growing portfolio of radioisotope products. Equally important, we will employ the Nordion medical isotopes team, infrastructural assets and channels to market to launch our previously announced Mo-99 product line and a number of future radioisotope-based imaging and therapeutic products.”
BWXT’s medical isotopes business will be led by Tom Burnett, vice president and general manager of BWXT ITG Canada, Inc. The business will be included in BWXT’s Nuclear Power Group segment, which is led by John MacQuarrie, president of BWXT Canada Ltd.
Nordion’s medical radioisotopes business has been a leading global manufacturer and supplier of critical medical isotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. Its customers include radiopharmaceutical companies, hospitals and radiopharmacies. In addition to supporting the new Mo-99 product line, the medical isotope and contract manufacturing operations included in this acquisition will continue to operate at the high level of service their customers have come to expect with no disruption to current operations.
BWXT now employs about 1,250 people in Ontario and British Columbia, Canada.
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to management’s plans and expectations for the new medical isotope production technology, including its impact on accessibility and the Mo-99 market; expected integration of the Company’s Tc-99 generators into current radiopharmacy processes; our ability to realize the anticipated benefits of the new medical isotope business; future revenues from the new medical isotope technology; market demand for Mo-99 and Tc-99m generators; timing for Mo-99 production; and continuing Nordion operations. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner or at all; the ability to consummate proposed transactions; competition in an environment of rapid technological change; and the enforcement and protection of our intellectual property rights. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of other risk factors that impact our business, financial condition and results of operations, see BWXT’s filings with Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. 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.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,250 employees, BWXT has 11 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 @BWXTech and learn more at www.bwxt.com.