(LYNCHBURG, Va. and MELBOURNE, Fla. - Nov. 4, 2024) - BWX Technologies, Inc. (NYSE: BWXT) and L3Harris Technologies, Inc. (NYSE: LHX) today announced the signing of a purchase agreement for BWXT to acquire L3Harris' Aerojet Ordnance Tennessee, Inc. (A.O.T.) business for approximately $100 million.
A.O.T. is a leading provider of advanced specialty materials, fabrication and high-strength alloy manufacturing, including depleted uranium engineered materials. A.O.T. will further enhance BWXT's capabilities to develop and manufacture advanced materials and products for commercial, military and space applications.
With decades of experience in specialized materials and metallurgy, A.O.T. brings exciting resources and expertise to BWXT, said Rex Geveden, president and chief executive officer of BWXT. This acquisition marks a significant step in our growth strategy, allowing us to leverage A.O.T.'s unique competencies and assets to better serve our customers. The combination of technical expertise and talent at this dynamic organization makes us confident that this acquisition will create greater opportunities for our company and will further enhance our value to BWXT's customers.
This transaction reflects L3Harris' multi-year strategy to optimize our portfolio and deliver on our commitments to customers and shareholders, said Ken Bedingfield, chief financial officer, L3Harris.
L3Harris' A.O.T. business has generated revenue of approximately $40 million over the trailing-twelve-month period. It is the sole provider of depleted uranium to the U.S. government and produces other specialized materials, including tungsten, molybdenum, tantalum, rhenium, titanium, nickel, aluminum, copper, metal-matrix composites, metal polymer composites, reactive materials and custom alloys. The acquisition is targeted to close by year-end and is expected to be slightly accretive to BWXT's earnings, excluding purchase accounting and other one-time costs within 12-18 months. The acquired business will operate within BWXT's government operations segment.
The transaction is subject to required approvals and clearances and other customary closing conditions.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to management's plans and expectations for the acquisition of A.O.T., our ability to realize the anticipated benefits, future revenues and demand for A.O.T. business, and A.O.T. continuing operations. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things, our ability to integrate A.O.T. into the Company, obtain any necessary regulatory and other approvals, and competition in the market for A.O.T. products. If one or more of these risks 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 and subsequent reports on Form 10-Q filed with the Securities and Exchange Commission. 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. 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. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.
###
Most recent headlines
09/12/2024
Dalet, a leading technology and service provider for media-rich organizations, today announced that it has been named an IDC Innovator in the IDC Innovators: ...
09/11/2024
Dalet, a leading technology and service provider for media-rich organizations, today announced three new members of its executive team. Tara Bryant joins as Chi...
06/11/2024
PARK CITY, UTAH - JANUARY 21: Director Dawn Porter at the 2024 Sundance Film Festival Luther: Never Too Much premiere at Eccles Theatre on January 21, 2024, i...
06/11/2024
PARK CITY, UTAH - JANUARY 19: (L-R) Suraj Bhattarai, Arun Bhattarai, Dorottya Zurb and M t Artur Vincze attend the 2024 Sundance Film Festival Agent of Happi...
06/11/2024
Emirates is taking inflight entertainment to new heights by partnering with Spotify, the world's most popular audio-streaming subscription service. Starting...
06/11/2024
BELLEVUE, Wash. T-Mobile said that working with Ericsson and Qualcomm Technologies, it has broken another world record with its 5G standalone (SA) network reach...
06/11/2024
Shared Storage For Creative Teams: Challenges And Solutions
Melanie Ciotti November 6, 2024
0 Comments
Many creative teams struggle with inefficient s...
06/11/2024
We're Entering Untested Entertainment Territory
Andy Marken November 6, 2024
0 Comments
Ventress wants to face it. You want to fight it. But I do...
06/11/2024
Resizing Motion Graphic boxes in After Effects
Graham Quince November 6, 2024
0 Comments
Based on some recent forum questions, I've put together a...
06/11/2024
Embedded into ITV Studios Daytimes post production workflows, Limecraft enables the platform to drive efficiencies and boost creative collaboration
By Matthew ...
06/11/2024
The company has also expanded its Portuguese customer support operation
By Matthew Corrigan
Published: November 6, 2024
The company has also expanded its ...
06/11/2024
Joining forces enables Avid to leverage Wolftechs story-centric newsroom solutions, driving digital-first collaborations, said the company
By Matthew Corrigan ...
06/11/2024
NEW YORK NBC Sports and IMAX have announced that they will be offering the first-ever live college football game at select IMAX locations nationwide with the 20...
06/11/2024
MONTREAL BCE, Canada's largest telecom company, is expanding into the U.S. with a deal by its Bell Canada subsidiary to acquire Ziply Fiber, a fiber interne...
06/11/2024
NEW YORK As the TV industry grapples with the measurement problems that have been produced by rapid changes in the way people watch programming, the Coalition f...
06/11/2024
Learn Cinema 4D Fields in 15 Minutes
Marc Potocnik November 5, 2024
0 Comments
Learn the essentials of Cinema 4D Fields in 15 minutes. For Cinema 4D R...
06/11/2024
Where did the Essential Graphics panel go in Premiere Pro?!
Colin Smith November 5, 2024
0 Comments
This tutorial shows you where you can find the new...
06/11/2024
Nashville Predators' Bridgestone Arena Has a New Broadcast Infrastructure The downtown Nashville mainstay is finally fully recovered from a devastating floo...
06/11/2024
New WMAS Standard Promises More-Flexible, Protected Wireless Operations Shure, Sennheiser establish early beachheads in what could be a game-changer By Dan Dal...
06/11/2024
Euronaval 2024: Unlock real-time insights across all domains with TARAN Effortlessly integrating data from various sources to deliver real-time situational aw...
06/11/2024
Fraport installs advanced passenger scanners from Rohde & Schwarz at Frankfurt A...
06/11/2024
Back to All News
The Final Chapter Begins: BEASTARS Final Season Part 1' A...
06/11/2024
Back to All News
Trailer for Thai Anthology Drama Series Tomorrow and i' T...
06/11/2024
Back to All News
Love Is Blind: Argentina comes to Netflix in three parts, star...
06/11/2024
Back to All News
Pedro P ramo Brought In 375M MXN to the Mexican Economy
Entertainment
06 November 2024
GlobalMexico
Link copied to clipboard
Pedro P ramo...
06/11/2024
NAB NY 2024 Preview NAB NY Booth 1005 November 6, 2024
Cobalt Digital NAB SHOW New York 2024 Plans Include Award-Winning Products Targeting Every Application ...
06/11/2024
The RT Concert Orchestra and guests mark 55 years of the Dublin Simon Community...
06/11/2024
Explore the future with Science Week on RT
Dive into a week of innovative, th...
06/11/2024
At the Conference for Robot Learning (CoRL) in Munich, Germany, Hugging Face and...
06/11/2024
Robotics developers can greatly accelerate their work on AI-enabled robots, incl...
06/11/2024
Editor's note: This post is part of the AI Decoded series, which demystifies AI by making the technology more accessible, and showcases new hardware, softwa...
06/11/2024
Facebook
Twitter
LinkedIn
Thales has concluded an agreement with FEBUS Opt...
05/11/2024
Somaiyah Hafeez, a journalist and writer from Balochistan, Pakistan, stands out for her commitment to telling the stories of overlooked communities in her regio...
05/11/2024
Aisha Farrukh a multimedia journalist from Pakistan focuses on human interest stories and aims to create change through her storytelling. Twenty eight year old ...
05/11/2024
One of the three finalists for the Young Journalist of the Year 2024 is a woman journalist working in secret in Afghanistan because of the restrictions imposed ...
05/11/2024
Many creative teams struggle with inefficient storage solutions that hinder productivity and stifle creativity. We know this because we constantly receive inqui...
05/11/2024
As Gen Zers continue to put their stamp on the world, the conversation around these tastemakers is becoming noisier than ever. Understanding what inspires, capt...
05/11/2024
Exclusive to SBS, watch LIVE coverage of the 2024 US election: an SBS World News...
05/11/2024
New early careers starters join Tewkesbury office for induction week....
05/11/2024
(LYNCHBURG, Va. and MELBOURNE, Fla. - Nov. 4, 2024) - BWX Technologies, Inc. (NY...
05/11/2024
Compact Multi-Channel Solution Tailored for Versatile Production Needs
Montrea...
05/11/2024
Calrec's Regional Sales Manager Dave Lewty says that Calrec's close relationships with its customers are a key factor in the company's success.
Ca...
05/11/2024
BURLINGTON, Mass. Avid said it completed the acquisition of Wolftech Broadcast Solutions, a provider of cloud-based, multiplatform news planning, production and...
05/11/2024
A new study from The Myers Report estimates that U.S. political ad spending for the 2024 campaign will top $12 billion, eclipsing the $9.02 billion spent in 202...
05/11/2024
Claudio Del Bravo, colourist, Frame by Frame
Caroline Shawley November 5, 2024
0 Comments
Claudio Del Bravo is a senior colourist and head of long for...
05/11/2024
RuPaul's DragCon LA Pink Carpet Live Streamed with Blackmagic Design
Brie Clayton November 5, 2024
0 Comments
Blackmagic Design workflow helps Wor...
05/11/2024
DENVER Comcast Technology Solutions (CTS) today unveiled its Cloud TV platform, a centralized ingest, transcoding and video-processing solution supporting live ...
05/11/2024
Neither Redstone nor her son, Tyler Korff, will join the new entitys board, said the report
By Matthew Corrigan
Published: November 5, 2024 Updated: Novemb...
05/11/2024
QuickLink, the leading global provider of multi-camera video productions and remote contribution solutions, announces the expansion of its reseller partner netw...
(LYNCHBURG, Va. and MELBOURNE, Fla. - Nov. 4, 2024) - BWX Technologies, Inc. (NYSE: BWXT) and L3Harris Technologies, Inc. (NYSE: LHX) today announced the signing of a purchase agreement for BWXT to acquire L3Harris' Aerojet Ordnance Tennessee, Inc. (A.O.T.) business for approximately $100 million.
