- Centrus Energy acquired Westerman Holdings for approximately $116 million, funded through about $95 million cash on hand and $21 million of equity.
- Centrus expects the acquisition to be accretive to adjusted EPS in the first year following closing.
- Westerman is an existing manufacturer of centrifuge casings and other major centrifuge components for Centrus, supporting its previously announced multi-billion-dollar uranium enrichment expansion.
- Westerman serves non-nuclear customers in oil and gas and other high-growth industrial sectors, diversifying Centrus' revenue base beyond nuclear.
- LEU gained 1.8% in pre-market trading Monday on the announcement.
Quotes
“Bringing Westerman in-house demonstrates our commitment to securing our supply chain to support our build-out while adding to our capabilities and expanding our customer base.”
“The transaction is expected to be accretive to adjusted earnings per share in the first year following closing.”