C$80 million investment will create more than
200 new jobs in Ontario
One of North America’s largest commercial
nuclear manufacturers to get even bigger, driven by increasing
demand for clean nuclear energy
BWX Technologies, Inc. (NYSE: BWXT) announced today an
investment to expand its Cambridge manufacturing plant. Already one
of the largest nuclear commercial manufacturing facilities in North
America, the site’s increased footprint will enable greater
capacity to support ongoing and anticipated customers’ investments
in Small Modular Reactors, traditional large-scale nuclear and
advanced reactors, in Canada and around the world.
The expansion, estimated to cost C$50 million, will increase the
facility’s footprint 25 percent to 280,000 square feet.
Additionally, over the next few years, BWXT will invest
approximately C$30 million in advanced manufacturing equipment for
the facility that has designed and manufactured hundreds of large
nuclear components. This total estimated C$80 million investment
will increase capacity significantly, improve productivity and
create more than 200 long-term jobs for skilled workers, engineers
and support staff in the area.
John MacQuarrie, president of Commercial Operations, BWXT,
stated, “Our expansion comes at a time when we’re supporting our
customers in the successful execution of some of the largest clean
nuclear energy projects in the world. At the same time, the global
nuclear industry is increasingly being called upon to mitigate the
impacts of climate change and increase energy security and
independence. By investing significantly in our Cambridge
manufacturing facility, BWXT is further positioning our business to
serve our customers to produce more safe, clean and reliable
electricity in Canada and abroad.”
Construction for the BWXT Cambridge Expansion Project is
expected to begin in the third quarter of 2024, adjacent to the
existing plant, with no interruption to ongoing operations at the
current facility. The project is estimated to be completed by the
middle of 2026.
Additionally, BWXT’s Projects and Field Services business will
relocate to a stand-alone 150,000 square foot facility in
Kitchener, Ont. The facility in Kitchener will be a state-of
-the-art center for training, dynamic learning and technology
development supporting the growth of the company’s nuclear
business.
Mike Rencheck, president and CEO of Bruce Power said, “The
nuclear industry is powering Ontario’s economy, by supplying clean,
reliable electricity, life-saving medical isotopes, and creating
thousands of good jobs. We are supporting advanced manufacturing
while providing a deeply decarbonized grid to attract new
businesses to our province. The expansion at the BWXT facility in
Cambridge is another great example of the positive impact our
industry can have in communities all across the province. Clean
air, cancer-fighting medical treatments, and economic expansion
leading Ontario to a better future."
Ken Hartwick, president and CEO of Ontario Power Generation
(OPG), said, “As we refurbish our existing nuclear facilities and
build new, OPG is also generating jobs and economic activity in
Ontario’s robust nuclear supply chain. BWXT’s planned expansion is
a great example of how building out a system to meet Ontario’s
increasing clean energy needs is also paying dividends for our
province’s economy.”
Recent announcements by provincial governments to increase
emissions-free power generation have reinvigorated the nuclear
industry in Canada. Within the last year, the Government of Ontario
has announced support for building a total of four small modular
reactors (SMRs) for Ontario Power Generation’s (OPG) Darlington New
Nuclear Project; refurbishing OPG Pickering Nuclear Generating
Station; and initiating pre-development work for siting up to 4,800
MWs of new nuclear power generation at Bruce Power.
Premier of Ontario Doug Ford said, “We’re thrilled to see BWXT
expand its footprint and create hundreds of new jobs in Cambridge.
As our province continues to lead the future of nuclear energy, the
company’s investment will help provide Ontario families and
businesses with access to clean, reliable and affordable
electricity for generations to come.”
Todd Smith, Ontario Minister of Energy, said, “With shovels in
the ground today on new nuclear generation, including the first
small modular reactor in the G7, I’m so pleased to see global
nuclear manufacturers like BWXT expanding their operations in
Cambridge and hiring more Ontario workers. The benefits of
Ontario’s nuclear industry reach far beyond the stations at
Darlington, Pickering and Bruce, and this $80 million investment
shows how all communities can help meet Ontario’s growing demand
for clean energy, while also securing local investments and
creating even more good-paying jobs.”
BWXT is currently supporting nuclear plant life extension
projects at OPG and Bruce Power. In 2023, BWXT was awarded the
engineering contract for the BWRX-300 reactor pressure vessel for
the OPG Darlington New Nuclear Project. As well, BWXT was awarded
an engineering contract from TerraPower for the Natrium™
Demonstration Project underway in Kemmerer, Wyoming.
Rex Geveden, president and Chief Executive Officer, BWXT,
stated, “There is a sharp increase in government interest and
funding for nuclear power, globally. BWXT is committed to bringing
safe, clean and reliable electricity to businesses and communities,
and this expansion will help us deliver on our commitment.”
The Honourable Jonathan Wilkinson, Minister of Energy and
Natural Resources, said, “Canada’s world-class manufacturing sector
is supporting our global partners to build up net-zero technologies
– including nuclear power plants. Workers at BWXT’s Cambridge plant
are powering our economy and helping us to win the fight against
climate change by building key components of the global energy
transition. Congratulations to BWXT on this announced expansion
that will create hundreds of good jobs in Ontario.”
BWXT can trace its history back 180 years in Canada,
underpinning its global leadership in the design, manufacture, and
service of commercial nuclear components for more than five
decades. As a result of its investments in people and facilities,
BWXT has become a trusted partner to its customers in the delivery
of safe, clean and reliable electricity for communities and
businesses.
Forward Looking Statements
BWX Technologies, Inc. (“BWXT”) cautions that this release
contains forward-looking statements, including statements relating
to expectations for the timing and impact of the expansion of the
Cambridge manufacturing plant. These forward-looking statements
involve a number of risks and uncertainties, including, among other
things, modification or termination of existing contracts, funding
of current and future work and delays in the expansion of the
Cambridge manufacturing plant. If one or more of these or other
risks materialize, actual results may vary materially from those
expressed. For a more complete discussion of these and other risk
factors, please see BWXT’s annual report on Form 10-K for the year
ended December 31, 2023. 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
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With approximately 7,800 employees, BWXT has 14 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and
Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240419914296/en/
Media Contact Monifa Miller Senior Director, Corporate
Affairs Commercial Operations 519.242.8071 mamiller@bwxt.com
Investor Contact Chase Jacobson Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
BWX Technologies (NYSE:BWXT)
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