Westinghouse Electric Company said it would purchase Nuclear Logistics Inc., noted as the largest third-party supplier of safety related equipment solutions to the nuclear industry, the company said Wednesday.
The company has signed a definitive agreement to acquire Nuclear Logistics, which Westinghouse said “supports Westinghouse's global commitment to develop practical, long-term solutions that deliver customer value for new construction and operating plants.”
Westinghouse and Ukraine's state-owned National Nuclear Energy Generating Company, NAEK Energoatom, said late last week that they had reached an agreement to “significantly deepen our partnership that will provide technology and knowledge transfer to enhance the safety and operations of Ukraine's nuclear power fleet.” That statement did not mention the purchase of Nuclear Logistics, which was purchased by AZZ Inc. in the summer of 2012. AZZ said Tuesday that it would let Nuclear Logistics go to a company that had a stronger focus on the nuclear power industry.
“I am convinced that Westinghouse will be a great partner to the NL customer roster, as well as a good employer for NL's work force,” said AZZ Chief Executive Officer Tom Ferguson.
AZZ purchased NL for $80 million in cash with the assumption of $4.8 million of company notes. That deal also included an additional $20 million payment based on NL's financial performance.
Wednesday's announcement did not divulge a price for Westinghouse's purchase of the Fort Worth, Texas, based NL, which includes 180 professional and technical employees. NL, says the AZZ Web site, encompasses thousands of products ranging from electrical, mechanical, instrumentation, control and HVAC. “NLI supplies the nuclear industry with everything but fuel,” the Web site proclaims.