BWXT advances nuclear expertise with $525m Kinectrics deal

In a significant move to enhance its offerings in nuclear power and radiopharmaceuticals, BWX Technologies, Inc. has entered into an agreement to acquire Kinectrics, Inc. The $525 million deal includes the assumption of Kinectrics’ net pension and debt liabilities, as well as related transaction expenses. This acquisition positions BWXT as a leader in the global nuclear industry, capitalising on growing demand for clean energy and medical isotopes.

Kinectrics, headquartered in Toronto, Canada, is a key player in lifecycle management services for nuclear power and transmission markets, as well as a provider of isotopes for radiopharmaceuticals. The acquisition is set to close by mid-2025, subject to regulatory approvals, with Kinectrics operating as a subsidiary under BWXT’s Commercial Operations segment.

Meeting Rising Demand for Clean Energy Solutions

The integration of Kinectrics underscores BWXT’s commitment to addressing the global push for sustainable energy solutions. As the world increasingly turns to nuclear energy to combat climate change and bolster energy security, BWXT’s enhanced portfolio will position the company to meet these needs effectively.

Kinectrics brings a comprehensive suite of lifecycle services for nuclear power plants, covering everything from initial design and engineering to operational support and grid reliability. These capabilities will allow BWXT to expand its market presence in Canada’s CANDU reactor sector, the U.S., and select international markets.

John MacQuarrie, President of BWXT’s Commercial Operations, described the acquisition as a transformative step that strengthens the company’s ability to deliver end-to-end solutions for utilities. He highlighted its value in supporting life extensions for existing reactors and facilitating the development of small modular reactors (SMRs), an emerging technology expected to play a pivotal role in future energy grids.

Expanding Footprint in Nuclear Medicine

This acquisition is not limited to energy innovation. Kinectrics’ capabilities in nuclear medicine are poised to enhance BWXT’s offerings in a growing field where isotopes are critical for oncology treatments. Since 2022, Kinectrics has been instrumental in the production of Lutetium-177, a radioisotope used in targeted cancer therapies.

With this acquisition, BWXT will expand its production capacity for medical isotopes, addressing the increasing global demand for advanced radiopharmaceuticals. Kinectrics’ expertise will allow BWXT to support the healthcare industry’s shift toward innovative treatments, ensuring a reliable supply of isotopes for under-served medical applications.

David Harris, Kinectrics’ President and CEO, will continue to lead the organisation. Harris noted that the company’s integration into BWXT will provide new opportunities to innovate in both commercial nuclear power and medical applications.

Strategic Investments in the Nuclear Sector

The acquisition is part of BWXT’s broader strategy to adapt to rising global demand for nuclear technologies. Earlier in 2025, BWXT announced a $60 million expansion of its Cambridge, Ontario, facility to increase its footprint by 25% and create over 200 skilled jobs.

Kinectrics’ revenue, projected at approximately $300 million for 2024, spans two core segments: commercial power services and nuclear medicine. This addition will nearly double the workforce of BWXT’s Commercial Operations segment, integrating over 1,300 engineers and technical experts across 20 global sites.

MacQuarrie emphasized that the integration would enable BWXT to respond more effectively to the evolving needs of utilities and healthcare providers. The acquisition is expected to be modestly accretive to earnings after one-time costs, further solidifying the company’s financial performance.

Supporting the Next Generation of Nuclear Innovation

The deal highlights BWXT’s ambition to lead in both traditional nuclear power and emerging technologies. As utilities increasingly explore SMRs and other advanced solutions, BWXT’s expanded capabilities will make it a critical partner in these projects.

Kinectrics’ expertise in transmission and distribution reliability services complements BWXT’s existing strengths, ensuring that the company can support the full lifecycle of nuclear projects. This alignment will be particularly valuable as nations worldwide increase investments in clean energy infrastructure.

Additionally, the acquisition underscores BWXT’s role in supporting healthcare advancements. The increased capacity for isotope production is expected to contribute significantly to the availability of next-generation cancer treatments, making BWXT a vital player in the intersection of nuclear science and medicine.

A Strategic Step for Future Growth

BWXT’s acquisition of Kinectrics signals a bold step toward addressing global energy and healthcare challenges. By combining expertise in nuclear power and medicine, BWXT is well-positioned to lead in these fast-growing industries.