Hitz Holdings U.S.A Inc. Acquires All of the Stock of NAC International Inc. from USEC Inc.
March 13, 2013
NORCROSS, Ga. – On January 24, 2013, USEC Inc. (NYSE:USU), a leading supplier of enriched uranium fuel, announced that on January 23, 2013 it had entered into a stock purchase agreement to sell NAC International Inc. (“NAC”) to Hitz Holdings U.S.A. Inc. (“HHU”), a wholly-owned subsidiary of Hitachi Zosen Corporation (“Hitz”) for approximately $42.4 million (the purchase price of $45 million less a working capital adjustment of approximately $2.6 million) in cash following a competitive sale process. NAC and Hitz are pleased to announce that this transaction closed today.
Over the past decade, NAC has been adding to its diverse suite of spent fuel management technologies with the development and licensing of its ground-breaking MAGNASTOR® technology. In addition to specializing in technologies for the safe interim storage of spent fuel, NAC also provides transportation services for radioactive material, and nuclear fuel cycle consulting services industry and government agencies. Hitz has a long-standing business relationship with NAC as a fabricator of NAC’s dry cask storage and transportation systems and as a leading supplier of such in Japan.
Hitz believes that the acquisition of NAC creates significant synergies with Hitz’s cask and canister engineering, manufacturing and sales operation within their Process Equipment Business Unit. Through this acquisition, Hitz will be able to offer a “one-stop” solution from engineering / consulting to manufacturing / transportation and to develop this business globally. Coupled with further expansion into overseas markets, the acquisition will allow Hitz to be able to strengthen its global presence within the spent nuclear fuel transportation and storage industry. NAC's expertise in the transportation and storage of spent nuclear fuel is well-positioned to meet increasing global interest towards the greater safety and security of nuclear power plants. Hitz believes that this acquisition is therefore aligned with Hitz's corporate philosophy of "creating value useful to society with technology and sincerity to contribute to a prosperous future." Hitz views this opportunity with NAC as a key component to realizing its mid-term business plan as well as the continued advancement of Hitz's corporate value.
NAC is pleased to be part of Hitz, creating an industry leader in spent fuel management technology and solutions. As NAC proceeds with integration activities, we expect to operate as usual, serving our customers with a high level of performance and professionalism, and with minimal disruption to our projects. Furthermore, we expect the NAC name and organization to remain intact as we leverage the synergies and strengths of NAC and Hitz.
Over time, we are confident that our customers will benefit from the combination of talents and complementary offerings that will emerge from this acquisition with NAC and Hitz. With a combined global work force of approximately 9,000 employees, the NAC and Hitz team remains committed to our customers and team partners, offering exceptional services and quality products with an ultimate goal of assisting our customers satisfy their spent nuclear fuel transportation and storage needs as well as providing our customers with exceptional engineering, nuclear fuel cycle consulting, and manufacturing services.
About NAC International Inc. (“NAC”)
Founded in 1968, NAC employs approximately 70 people and is headquartered in Norcross, Georgia, with a branch office in London. The company has more than 40 years of experience in providing a wide range of services and equipment to the nuclear industry that includes designing, engineering, licensing, operating, and maintaining spent fuel management systems for storage and transport. NAC also has more than three decades of experience transporting nuclear materials using the company’s NRC-certified cask fleet. NAC has successfully completed transportation projects for the U.S. Department of Energy, the International Atomic Energy Agency, other governmental agencies and private entities from around the world. NAC’s consulting group includes internationally recognized experts in the nuclear power industry.
About Hitachi Zosen Corporation (“Hitz”)
Hitachi Zosen was founded in 1881 and has celebrated the 130th anniversary of its founding in April 2011. As of the fiscal year ended March 2012, Hitachi Zosen had sales of approximately $3,367 million and employed 8,846 people on a consolidated basis. Hitachi Zosen is headquartered in Osaka and Tokyo and has 20 offices and works in Japan, including seven manufacturing facilities, eight branches in overseas and 67 consolidated subsidiaries in the world. Hitachi Zosen engages in engineering and manufacturing of environmental systems, industrial plants, industrial machinery, process equipment, precision machinery, steel structure, construction machinery and disaster prevention systems. Under its corporate philosophy - We create value useful to society with technology and sincerity to contribute to a prosperous future -Hitachi Zosen especially focuses on energy-from-waste business and positions green energy field and social infrastructure and disaster prevention field as their business domains.
Over the past decade, NAC has been adding to its diverse suite of spent fuel management technologies with the development and licensing of its ground-breaking MAGNASTOR® technology. In addition to specializing in technologies for the safe interim storage of spent fuel, NAC also provides transportation services for radioactive material, and nuclear fuel cycle consulting services industry and government agencies. Hitz has a long-standing business relationship with NAC as a fabricator of NAC’s dry cask storage and transportation systems and as a leading supplier of such in Japan.
Hitz believes that the acquisition of NAC creates significant synergies with Hitz’s cask and canister engineering, manufacturing and sales operation within their Process Equipment Business Unit. Through this acquisition, Hitz will be able to offer a “one-stop” solution from engineering / consulting to manufacturing / transportation and to develop this business globally. Coupled with further expansion into overseas markets, the acquisition will allow Hitz to be able to strengthen its global presence within the spent nuclear fuel transportation and storage industry. NAC's expertise in the transportation and storage of spent nuclear fuel is well-positioned to meet increasing global interest towards the greater safety and security of nuclear power plants. Hitz believes that this acquisition is therefore aligned with Hitz's corporate philosophy of "creating value useful to society with technology and sincerity to contribute to a prosperous future." Hitz views this opportunity with NAC as a key component to realizing its mid-term business plan as well as the continued advancement of Hitz's corporate value.
NAC is pleased to be part of Hitz, creating an industry leader in spent fuel management technology and solutions. As NAC proceeds with integration activities, we expect to operate as usual, serving our customers with a high level of performance and professionalism, and with minimal disruption to our projects. Furthermore, we expect the NAC name and organization to remain intact as we leverage the synergies and strengths of NAC and Hitz.
Over time, we are confident that our customers will benefit from the combination of talents and complementary offerings that will emerge from this acquisition with NAC and Hitz. With a combined global work force of approximately 9,000 employees, the NAC and Hitz team remains committed to our customers and team partners, offering exceptional services and quality products with an ultimate goal of assisting our customers satisfy their spent nuclear fuel transportation and storage needs as well as providing our customers with exceptional engineering, nuclear fuel cycle consulting, and manufacturing services.
About NAC International Inc. (“NAC”)
Founded in 1968, NAC employs approximately 70 people and is headquartered in Norcross, Georgia, with a branch office in London. The company has more than 40 years of experience in providing a wide range of services and equipment to the nuclear industry that includes designing, engineering, licensing, operating, and maintaining spent fuel management systems for storage and transport. NAC also has more than three decades of experience transporting nuclear materials using the company’s NRC-certified cask fleet. NAC has successfully completed transportation projects for the U.S. Department of Energy, the International Atomic Energy Agency, other governmental agencies and private entities from around the world. NAC’s consulting group includes internationally recognized experts in the nuclear power industry.
About Hitachi Zosen Corporation (“Hitz”)
Hitachi Zosen was founded in 1881 and has celebrated the 130th anniversary of its founding in April 2011. As of the fiscal year ended March 2012, Hitachi Zosen had sales of approximately $3,367 million and employed 8,846 people on a consolidated basis. Hitachi Zosen is headquartered in Osaka and Tokyo and has 20 offices and works in Japan, including seven manufacturing facilities, eight branches in overseas and 67 consolidated subsidiaries in the world. Hitachi Zosen engages in engineering and manufacturing of environmental systems, industrial plants, industrial machinery, process equipment, precision machinery, steel structure, construction machinery and disaster prevention systems. Under its corporate philosophy - We create value useful to society with technology and sincerity to contribute to a prosperous future -Hitachi Zosen especially focuses on energy-from-waste business and positions green energy field and social infrastructure and disaster prevention field as their business domains.
