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BWXT Subsidiary Completes Strategic Acquisition of Laker Energy Products Inc.

January 2, 2020 GMT

CAMBRIDGE, Ontario--(BUSINESS WIRE)--Jan 2, 2020--

BWX Technologies, Inc. announced today that its subsidiary BWXT Canada Ltd. (BWXT Canada) has acquired Laker Energy Products Inc. (Laker Energy Products). The transaction broadens BWXT’s portfolio of critical CANDU® components for its global customer base.

Laker Energy Products, a Canadian company founded in 1995, is a leading supplier of nuclear-grade materials and precisely machined components for CANDU® nuclear power utilities around the globe. Based in Oakville, Ontario, Laker Energy Products employs approximately 140 employees made up of talented engineers, skilled trades and administration personnel.

“We’re extremely pleased to be announcing today’s acquisition,” said president of BWXT Canada, John MacQuarrie. “This acquisition demonstrates our commitment to serving our global customer base with competitive solutions that help improve the operational performance of their plants. We welcome Laker Energy Products’ talented team of employees to the BWXT organization.”

“I have long admired BWXT Canada Ltd. as a customer and as a collaborator promoting the nuclear industry,” said founder of Laker Energy Products, Chris Hughes. “I am delighted that Laker is now a part of such a reputable, growth-oriented organization.”

Laker Energy Products will now operate as a wholly owned subsidiary of BWXT 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 acquisition of Laker Energy Products; our ability to realize the anticipated benefits, future revenues and demand for Laker Energy Products’ business; and its continuing 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 integrate Laker Energy Products into the Company, obtain any necessary regulatory and other approvals, and competition in the market for Laker Energy Products’ products. 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, 2018 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.

About BWXT Canada Ltd.

BWXT Canada Ltd. (BWXT Canada) has over 60 years of expertise and experience in the design, manufacturing, commissioning and service of nuclear power generation equipment. This includes steam generators, nuclear fuel and fuel components, critical plant components, parts and related plant services. BWXT Canada’s sister company, BWXT ITG Canada, Inc. (BWXT ITG) provides its customers, who conduct life-saving medical procedures for patients around the world, the benefit of decades of experience in the development, manufacturing, packaging and delivery of medical isotopes and radiopharmaceuticals. Headquartered in Cambridge, Ontario, BWXT in Canada has approximately 1,400 employees at locations in Cambridge, Dundas, Peterborough, Toronto, Arnprior, Pickering, Port Elgin, Owen Sound, Kanata and Oakville, Ontario and Vancouver, British Columbia. BWXT Canada is a subsidiary of BWX Technologies, Inc. (BWXT). Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200102005547/en/

CONTACT: Media Contact

Natalie Cutler

Media Relations

519-620-5288

nacutler@bwxt.com

Investor Contact

Mark Kratz

Director, Investor Relations

980.365.4300

investors@bwxt.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: ENGINEERING UTILITIES MANUFACTURING ENERGY OTHER MANUFACTURING NUCLEAR

SOURCE: BWX Technologies, Inc.

Copyright Business Wire 2020.

PUB: 01/02/2020 06:00 PM/DISC: 01/02/2020 06:00 PM

http://www.businesswire.com/news/home/20200102005547/en