ENERGYSOLUTIONS COMPLETES DEAL ACQUIRING STUDSVIK’S US ASSETS

EnergySolutions has completed its purchase of Studsvik’s commercial U.S. operations, the company announced yesterday. The deal includes the purchase of Studsvik’s processing facilities in Erwin and Memphis, Tenn., the acquisition of the THOR technology for the commercial North American and Chinese markets, and Studsviks’s portion of its and EnergySolution’s joint venture with the SEMPRASAFE resin blending process. “We are pleased to have completed this transaction and look forward to implementing the products and services this acquisition makes possible to further strengthen our position as the market leader in the processing, transportation and disposal of low-level nuclear waste,” EnergySolutions President and CEO David Lockwood said. "The Erwin facility has begun switching over to EnergySolutions ownership, with a new name change to “Erwin ResinSolutions.”

 

From Studsvik’s perspective, the sale was an opportunity to unload some costs, while still maintaining somewhat of a presence in the U.S. Studsvik will still maintain rights to the THOR technology when it comes to the U.S. government market, and the company still will maintain an engineering services agreement with EnergySolutions, according to Howard Stevens, vice president of engineering for Studsvik. “Studsvik is not going away,” Stevens said during a panel discussion at the Waste Management Symposia yesterday. “All of the company is not being sold.” Studsvik decided to sell these holdings as a way to reduce costs in its U.S. market, President and CEO of Studsvik Michael Mononen said last month. The sale price for the facilities amounted to approximately $23 million.