General Electric and Hitachi are selling a Canadian joint venture that supplies nuclear fuel and equipment for Candu nuclear reactors — a key source of electricity for Ontario.
The buyer is a Canadian subsidiary of BWX Technologies Inc., a U.S. publicly traded company headquartered in Virginia.
BWXT says the acquisition will nearly double its presence in Canada and "signals a long-term strategic commitment" to the Candu nuclear power segment.
BWXT Canada recently signed a contract, valued at $130 million, to design and build eight generators for Bruce Power's nuclear generation facility in Tiverton, Ont.
GE Hitachi Nuclear Energy Canada Inc. (GEH-C) currently employs 350 people in Peterborough, Toronto and Arnprior, Ont.
Ontario-based BWXT Canada has offices in Cambridge, Ont., and in Pickering, home to one of the province's three large-scale nuclear facilities. Its says the GEH-C headquarters will remain in Peterborough, northeast of Pickering.
Financial terms of the GEH-C sale weren't disclosed but the companies expect the deal to close in the fourth quarter after receiving Canadian regulatory approvals.
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