BWX Technologies, Inc. (NYSE:BWXT) announced today the award of approximately $34.5 million in contracts to BWXT Nuclear Operations Group, Inc. from the U.S. Naval Reactors Program. The work funded by these contracts will support the manufacture of naval nuclear reactor components for U.S. Navy submarines and aircraft carriers.
BWXT is the sole manufacturer of naval nuclear reactors for submarines and aircraft carriers. BWXT has been manufacturing naval nuclear components and reactors since the 1950s, when it designed and fabricated components for the USS Nautilus, the world’s first nuclear-powered submarine. Today, BWXT reactors power the Navy’s Ohio, Virginia, Seawolf and Los Angeles class submarines, as well as the Nimitz and Ford class aircraft carriers.
"We are very pleased to receive these contract awards and add to our backlog of work,” said Peyton S. Baker, President and Chief Executive Officer of BWXT. “We continue to stay focused on operating safely and delivering the quality products that our customer demands."
The activities funded by these contracts will be conducted at BWXT’s Lynchburg, Virginia; Barberton, Ohio; and Mount Vernon, Indiana locations.
Work under these contracts is already underway, and the majority of it will be carried out over the next two years. Of the $34.5 million in new funding announced today, approximately $9.4 million represents the exercise of options under a previously announced contract, and about $25.1 million represents new contracts awarded in 2015.
Source: BWX Technologies, Inc.
Date: Sep 28, 2015