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The logo of U.S. conglomerate General Electric is pictured at the company's site in Belfort, in this April 27, 2014 file photo.© Vincent Kessler / Reuters

General Electric Co. and Hitachi Ltd. are selling a Canadian joint venture that supplies nuclear fuel and equipment for Candu nuclear reactors – a key source of electricity for Ontario.

The buyer is a Canadian subsidiary of BWX Technologies Inc., a U.S. publicly traded company headquartered in Virginia.

BWXT says the acquisition will nearly double its presence in Canada and "signals a long-term strategic commitment" to the Candu nuclear power segment.

BWXT Canada recently signed a contract, valued at $130-million, to design and build eight generators for Bruce Power's nuclear generation facility in Tiverton, Ont.

GE Hitachi Nuclear Energy Canada Inc. (GEH-C) currently employs 350 people in Peterborough, Toronto and Arnprior, Ont.

Ontario-based BWXT Canada has offices in Cambridge, Ont., and in Pickering, home to one of the province's three large-scale nuclear facilities. Its says the GEH-C headquarters will remain in Peterborough, northeast of Pickering.

Financial terms of the GEH-C sale weren't disclosed but the companies expect the deal to close in the fourth quarter after receiving Canadian regulatory approvals.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 25/04/24 6:40pm EDT.

SymbolName% changeLast
BWXT-N
Bwx Technologies Inc
+0.57%94.69
E-N
Eni S.P.A. ADR
+0.61%32.79
GE-N
General Electric Company
+1.3%161.26

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