BWX Technologies, Inc. (NYSE: BWXT) announced that it has successfully completed its acquisition of Kinectrics, Inc. as of Tuesday.
“Since we announced our intention to acquire Kinectrics in January, we have been looking forward to this day, when the complementary nature of our organizations begins to take shape,” said John MacQuarrie, BWXT president of Commercial Operations.
“From the commercial nuclear power market to medical isotopes, we are enhancing our capabilities across the board, supporting a growing nuclear new build and life extension industry in Canada and strengthening BWXT’s position in the global nuclear market.”
According to this morning’s news release, Kinectrics offers a broad suite of nuclear power plant lifecycle support services, including for CANDU reactors, and lifecycle management services for the global nuclear power industry, transmission and distribution markets and in the production and supply of isotopes for the radiopharmaceutical industry.
The acquisition nearly doubles the workforce of BWXT’s Commercial Operations group and enables an expanded portfolio of products and services for current and new customers.
Kinectrics will operate as a BWXT subsidiary, and its financial results will be reported within BWXT’s Commercial Operations segment. David Harris, president & CEO of Kinectrics, will lead the organization reporting to MacQuarrie.
BWXT shares let go of 64 cents to $109.57.
