Friday, May 28, 2010

Toshiba and Babcock & Wilcox Announce Definitive Agreement to Invest in USEC

In a sign that the future of nuclear energy is bright, USEC Inc., a global nuclear fuel and technology company announced that nuclear industry leaders Toshiba Corporation and Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company (B&W), have signed a definitive agreement to make an investment in USEC over three phases. The agreement says each phase is subject to satisfaction of specific preconditions, including regulatory approvals. This agreement is further aimed at achieving the Goal that seeks to Enable Successful Deployment of Leading Edge Uranium Enrichment Technology for Commercial Nuclear Power Plants. An investment of $200 million, shared equally between Toshiba and B&W, is seen to strengthen the deployment of the American Centrifuge Plant and create key new business opportunities throughout the nuclear fuel cycle. Both companies, with their deep experience in the nuclear field, consider the investment agreement as an important strategic initiative.

"We have decided to make this investment in American know-how and American technology in order to produce more uranium fuel for the growing worldwide nuclear power market with high confidence in USEC as a leading supplier of low enriched uranium.  Toshiba has intensified its front-end supply chain by executing various programs.  Along with these efforts, the investment in USEC will strengthen the nuclear fuel supply chain," said Yasuharu Igarashi, corporate senior vice president of Toshiba.  "The nuclear renaissance is moving forward and this investment will help power its growth by securing the supply of uranium fuel for existing and potential customers."


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