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FOR IMMEDIATE RELEASE:
September 19, 2013
Craig Hansen Named President of American Centrifuge Manufacturing
BETHESDA, Md. - USEC Inc. (NYSE: USU) and The Babcock & Wilcox Company (B&W) (NYSE: BWC) today named Craig S. Hansen as president of American Centrifuge Manufacturing, LLC. USEC and B&W created the joint company in 2011 to provide integrated manufacturing and assembly of uranium enrichment centrifuge machines for the American Centrifuge Plant.
In this position, Hansen will be responsible for management and operations of the American Centrifuge Technology and Manufacturing Center located in Oak Ridge, Tenn. He most recently served as vice president of nuclear equipment at Babcock & Wilcox Nuclear Energy, Inc., where he led B&W's global commercial nuclear manufacturing business. He also served as the first chairman of the U.S.. Department of Commerce's Civil Nuclear Trade Advisory Committee, which was established to advise the Secretary of Commerce on expanding U.S. civil nuclear export opportunities.
"Craig is a recognized leader in the nuclear manufacturing industry, and we expect him to make an already world-class operation even stronger," said Paul Sullivan, USEC's vice president for American Centrifuge and chief engineer. "His skill and expertise will be integral to our success."
"I am excited and proud to join the excellent team assembled at American Centrifuge Manufacturing," said Hansen. "The American Centrifuge is a robust and innovative technology that is critical to the success of the United States' nuclear energy future."
The American Centrifuge is USEC's next-generation technology to enrich uranium to fuel nuclear power plants around the world. It is based on proven, energy-efficient U.S. technology originally developed by the Department of Energy (DOE) and significantly improved by USEC using updated materials and manufacturing methods. USEC is working to deploy the American Centrifuge Plant in Piketon, Ohio, and is in the final months of a research, development and demonstration program to confirm the technical readiness of the American Centrifuge. If USEC moves forward with deployment of the commercial plant, ACM will manufacture and deliver more than 11,500 centrifuges to the Ohio facility.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 - that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will" and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For USEC, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: risks related to the ongoing transition of our business, including uncertainty regarding the transition of the Paducah gaseous diffusion plant and uncertainty regarding the economics of and continued funding for the American Centrifuge project and the potential for a demobilization or termination of the project; the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; the impact of enrichment market conditions, increased project costs and other factors on the economics of the American Centrifuge project and our ability to finance the project and the potential for a demobilization or termination of the project; uncertainty regarding the timing, amount and availability of additional funding for the RD&D program and the dependency of government funding on Congressional appropriations; restrictions in our credit facility on our spending on the American Centrifuge project; limitations on our ability to provide any required cost sharing under the RD&D program; uncertainty concerning our ability through the RD&D program to demonstrate the technical and financial readiness of the centrifuge technology for commercialization; uncertainty concerning the ultimate success of our efforts to obtain a loan guarantee from DOE and other financing for the American Centrifuge project or additional government support for the project and the timing and terms thereof and the potential for a demobilization or termination of the project if financing or additional government support is not in place at the end of the RD&D program; potential changes in our anticipated ownership of or role in the American Centrifuge project, including as a result of the need to raise additional capital to finance the project; the impact of actions we have taken or may take to reduce spending on the American Centrifuge project, including the potential loss of key suppliers and employees, and impacts to cost and schedule; the potential for DOE to seek to terminate or exercise its remedies under the RD&D cooperative agreement or June 2002 DOE-USEC agreement; changes in U.S. government priorities and the availability of government funding, including loan guarantees; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q which are available on our website www.usec.com. We do not undertake to update our forward-looking statements except as required by law.
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Contact:
Media: Paul Jacobson (301) 564-3399
Investors: Steven Wingfield (301) 564-3354
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