BWXT Enters Agreement to Acquire Kinectrics for $525 Million
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BWX Technologies has entered into an agreement to acquire Kinectrics for approximately $525 million. Kinectrics is a leader in providing lifecycle management services for the global nuclear power and transmission and distribution markets, and in the production and supply of isotopes for the radiopharmaceutical industry.
The acquisition is highly complementary to BWXT’s commercial operations segment and will enable an expanded portfolio of products and services for current and new customers in the global nuclear power and radiopharmaceutical industries. In the commercial nuclear power market, Kinectrics brings a broad suite of lifecycle support services that will further strengthen BWXT’s position in the CANDU reactor market, while increasing its exposure to the U.S. market and select international markets. In nuclear medicine, Kinectrics offers additional isotope irradiation and production technologies, and has played a critical role in the existing Lutetium-177 supply chain since 2022. Kinectrics employs more than 1,300 engineers and technical experts located across its 20 sites worldwide.
“This acquisition expands our ability to deliver end-to-end solutions to existing and new customers more efficiently. The investment uniquely brings together two industry leaders with complementary expertise and service offerings in the growing commercial nuclear power and nuclear medicine markets,” said John MacQuarrie, president of BWXT Commercial Operations.
“With the talented team joining from Kinectrics, we are strengthening our ability to meet our customers’ evolving needs. This includes supporting utilities as they explore ways to expand nuclear power generation through life extensions and new builds, partnering with small modular reactor designers seeking comprehensive regulatory, engineering, manufacturing, and aftermarket solutions, and collaborating with healthcare partners who require reliable isotopes for under-supplied medical isotopes revolutionizing oncology,” added MacQuarrie.
Kinectrics, headquartered in Toronto, Canada, is expected to generate revenue of approximately $300 million in 2024 in two core business areas: commercial power services and nuclear medicine.
Upon close, the acquisition will nearly double the workforce of BWXT’s commercial operations and expand its capabilities, including lifecycle management, specialized plant services and engineering, to support the North American and international nuclear markets.
David Harris, president and CEO of Kinectrics, will continue to lead the organization and will report to John MacQuarrie, president of BWXT Commercial Operations. The acquisition is targeted to close in the middle of 2025.
A U.S.-based company, BWXT is a Fortune 1000 and 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.
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