BWXT Names Nuclear Medicine Business as BWXT Medical
BWX Technologies, Inc. has renamed its subsidiary, previously known as BWXT ITG Canada, Inc., to BWXT Medical Ltd. This change better aligns with its focus on nuclear medicine, particularly the production of molybdenum-99 and technetium-99m generators, crucial for over 40 million annual diagnostic imaging procedures. The company aims to strengthen its position in the nuclear medicine sector, led by Martyn Coombs. BWXT Medical is part of the broader Nuclear Power Group, and the company emphasizes its ongoing progress and strategic partnerships in this area.
- Renaming to BWXT Medical Ltd. aligns the company with its nuclear medicine strategy.
- Key products include molybdenum-99 and technetium-99m, essential for diagnostic imaging.
- Strategic partnerships in irradiation services show promising development.
- Martyn Coombs appointed as president to strengthen management.
- Potential uncertainties around production and market demand for technetium-99m.
- Risks related to competition and technological changes in the nuclear medicine sector.
BWX Technologies, Inc. (NYSE: BWXT) today announced that its subsidiary BWXT ITG Canada, Inc., a nuclear medicine company, has been renamed BWXT Medical Ltd. (BWXT Medical), in order to better align with the company’s products, customer base and strategy.
BWXT’s entry into the nuclear medicine industry began with the development of a new breakthrough technology that will enable the production of molybdenum-99 and technetium-99m generators. Technetium-99m is used in hospitals in over 40 million diagnostic imaging procedures every year. In 2018, BWXT acquired Sotera Health’s Nordion medical isotope business, combined it with this technology, and more recently appointed Martyn Coombs as president of this business unit.
“Our new name, BWXT Medical, reflects the customers we serve – hospitals, pharmacies and pharmaceutical companies,” said Coombs. “We will strive to help people get better from illness by building one of the leading nuclear medicine companies in the world.”
Located in Ottawa, Ontario, and Vancouver, British Columbia, BWXT Medical is part of BWXT’s Nuclear Power Group led by John MacQuarrie, president.
“We are pleased to announce this new name for what has become such a vital part of our business,” said MacQuarrie. “We have recently made very encouraging progress, especially with our strategic irradiation service partners, that provides a good foundation for BWXT Medical’s future.”
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including statements relating to expectations for the production, performance, timing and impact of our medical isotope technology and technetium-99m. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in market demand for, delays in and commercialization of our technetium-99m production; competition in an environment of rapid technological change; and the enforcement and protection of our intellectual property rights. If one or more of these 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, 2019 and subsequent quarterly 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. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.
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FAQ
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