Toshiba and Babcock & Wilcox report definitive agreement to invest in USEC

USEC reports Toshiba Corporation  and Babcock & Wilcox Investment Company, that nuclear industry leaders have signed a definitive agreement to make an investment in USEC.

The $200 million investment, shared equally between Toshiba and B&W, will 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.

Yasuharu Igarashi, corporate SVP of  Toshiba states:

“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.” “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.”

Brandon Bethards, president and CEO of B&W states:

“This agreement will allow B&W to explore broader energy opportunities globally through expanded strategic relationships with Toshiba and USEC, as well as further enhance our already-strong relationship with the U.S. Department of Energy. This initiative further solidifies our position as a key contributor to a successful nuclear renaissance.”

For complete news release, click here.