Johnson City Press Saturday, August 30, 2014

News Local News Business & Technology

Studsvik now in hands of company's competitor

April 15th, 2014 9:00 pm by Brad Hicks

Studsvik now in hands of company's competitor

ERWIN — Studsvik Inc.’s Tennessee processing facilities — which includes its facility in Erwin — are now in the hands of the Sweden-based nuclear company’s competitor.

Early last month, Utah-based EnergySolutions Inc. announced it had officially completed its purchase of Studsvik’s processing facilities in Erwin and Memphis. According to a release from EnergySolutions, its acquisition of Studsvik includes the exclusive rights to its Thermal Organic Reduction (THOR) technology in the commercial North American markets and China. Per the agreement, EnergySolutions will also acquire Studsvik’s membership interest in Semprasafe, a joint venture between the two companies.

It also was announced at the time of the sale that the Erwin facility, which focuses on turnkey disposition of low and high activity ion exchange resins, will now be called Erwin ResinSolutions.

“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 processing, transportation and disposal of low-level nuclear waste,” EnergySolutions President and CEO David Lockwood stated last month.

According to a release from Studsvik, the sale represents the main part of the company’s U.S. operations. The transaction price was $23 million.

“The sale of the American operations will improve our financial situation and reduce the exposure towards the challenging American market,” Michael Mononen, president and CEO of Studsvik AB, stated in February. “All in all, the transaction means that Studsvik will be a more stable company with potential for increased margins and growth.”

Studsvik had operated in Erwin since the early 2000s in a facility next to Nuclear Fuel Services.

Nuclear Fuel Services leases land from NFS. Karen Randall, NFS media & communications managing advisor, said in a Tuesday email that Studsvik’s acquisition by EnergySolutions would not result in a change.

“We are pleased to welcome Energy Solutions to Erwin as a neighbor and tenant, which is the same relationship we had with Studsvik,” Randall said.  

comments powered by Disqus