November 17, 2015 02:10 ET

Atkins to Acquire Nuclear Services Division of EnergySolutions

LONDON, UNITED KINGDOM--(Marketwired - Nov 17, 2015) - Atkins (WS) PLC (LSE: ATK)


17 November 2015
Atkins to acquire nuclear services division of EnergySolutions
WS Atkins plc ("Atkins") is pleased to announce it has signed an agreement to acquire the Projects, Products and Technology segment of EnergySolutions ("PP&T"), an international nuclear engineering services business, for an enterprise value of US$318 million (£206 million1).

- PP&T delivers nuclear waste remediation projects, products and technology solutions
- Offers attractive long-term growth and profitability characteristics
- Accelerates Atkins' nuclear strategy with complementary customer base and capabilities
- Differentiates Atkins' market position through unique technologies
- Brings strong management and cultural fit
- Represents a strategically and financially compelling transaction

PP&T is an innovative nuclear energy business, comprising 650 people delivering a wide range of technical engineering and programme management services for the decontamination and decommissioning of high hazard nuclear facilities, and for the environmental remediation of nuclear waste storage sites. For the year ended 31 December 2014, PP&T reported revenue from continuing operations of US$281.4 million and adjusted operating profit2 of US$30.7 million (10.9% adjusted operating margin). As at 30 September 2015, PP&T had gross assets of US$171.3 million.

Professor Dr Uwe Krueger, CEO said, "This acquisition accelerates our nuclear strategy and creates a global platform. Our combined business is well positioned in all the major nuclear markets in North America, UK, Europe, Middle East and Asia Pacific. In the US, which has the largest nuclear fleet, we are at the top table for decommissioning, site operations, major projects and consultancy. This complements our acquisition last year of Nuclear Safety Associates ("NSA"). We are also acquiring innovative technologies that are a key differentiator in the growing and profitable nuclear market."

1 Sterling translated at a USD/GBP exchange rate of 1.54.
2 Adjusted operating profit excludes non-recurring contract losses and one-off costs in the UK.
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