EnergySolutions Announces Consideration of Sale of Its UK/Europe Business
SALT LAKE CITY, UT -- (Marketwire) -- 07/17/12 -- EnergySolutions (ES) has announced that it is considering the sale of the company's UK and European business which holds a contract with the Nuclear Decommissioning Authority ("NDA") to manage and operate 22 of the UK's Magnox nuclear reactor fleet. The Company acquired the current Magnox contract in June 2007.
"We were approached by third parties to purchase the ESEU business, which holds the Magnox contract with the NDA, and are considering a number of proposals and transaction structures," David Lockwood, CEO and President, stated. "We are evaluating these alternatives in the best interests of our shareholders, customers and employees."
The NDA has raised no objections to the sale consideration which will be evaluated quickly and efficiently.
About Energy Solutions , Inc.
EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, the safe, secure disposition of nuclear waste, and research and engineering services across the fuel cycle.
Statements in this release regarding future financial and operating results and any other statements about the Company's future expectations, beliefs or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the Company's outlook for 2012, strategic initiatives, and expectations for Adjusted EBITDA. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: (a) the uncertainty regarding the outcome and timing of contract negotiations with the DOE, (b) uncertain and weak economic conditions globally, including decreased credit availability for our customers and the decisions of individual customers to retain cash and reduce credit market exposure, (c) decreased tax revenue combined with increased demands on federal funding allocations reducing funds available for existing or proposed federal projects that we have been awarded or on which we would bid, (d) current regulatory initiatives, including the importation of nuclear waste into the U.S. and the disposal and storage of depleted uranium, (e) the weakening of the pound sterling and the related currency translation impact on our business if the currency continues to weaken, (f) adverse public reaction that could lead to increased regulation or limitations on our activities, (g) uncertainty regarding the impact on our business of increased regulatory scrutiny of the nuclear waste industry in the U.S. and U.K., (h) decisions by our customers to reduce, delay or halt their spending on nuclear services, (i) decisions by our commercial customers to store radioactive materials on-site rather than dispose of radioactive materials at one of our facilities, (j) the adverse impact of current or future financial conditions on the value of decommissioning trust funds, (k) continued competitive pressures in our markets, and (l) uncertainty regarding our assumptions related to the Zion project estimated profit margin.
Additional information on potential factors that could affect the Company's results and other risks and uncertainties are set forth in EnergySolutions, Inc. filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012. The Company does not undertake any obligation to release publicly any revision to any of these forward-looking statements.
Contact Information: Media: Mark Walker 801-231-9194 Email Contact Investor Relations: Richard Putnam 801-303-0185 Email Contact