USEC to Sell NAC to Hitachi Zosen Subsidiary for $45 Million
On Thursday, nuclear fuel enrichment company USECannounced that it has agreed to sell its NAC International subsidiary to Hitz Holdings USA -- itself a subsidiary of Japanese industrial conglomerate Hitachi Zosen -- for $45 million in cash.
USEC purchased NAC -- a provider of energy consulting, information, and spent-fuel management technologies -- in 2004 for $16 million, for its expertise in spent nuclear fuel storage and transportation. It already has a long-standing relationship with Hitachi Zosen, which has historically fabricated dry cask storage and transportation systems for NAC.
Completion of the sale is contingent on a review of the terms by the Committee on Foreign Investments in the United States. Assuming the committee doesn't object, the sale should close within the next 60 to 90 days.
As for USEC, the company says that going forward, it will focus on its core business of uranium enrichment. The company will furthermore agree not to compete with NAC for a period of three years after Hitachi Zosen buys it.
USEC shares closed 1.1% higher Thursday ahead of the announcement, at $0.65.
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