FW: GTS officially acquires Chem-Nuclear Systems, etc.

["Jacobus, John (OD)" <JJacobus@ors.od.nih.gov>]

For your information.

-- John 
John Jacobus, MS
Health Physicist
National Institutes of Health
Radiation Safety Branch, Building 21
21 Wilson Drive, MSC 6780
Bethesda, MD  20892-6780
Phone: 301-496-5774      Fax: 301-496-3544
jjacobus@ors.od.nih.gov (W)
jenday1@email.msn.com (H)

-----Original Message-----
From: Austin, Sean (OD) 
Sent: June 09, 2000 4:42 PM
Subject: GTS officially acquires Chem-Nuclear Systems, etc.


ACURI ENewsletter Update, June 9, 2000


GTS Duratek Acquires Chem-Nuclear Systems

On June 9, GTS Duratek, Inc. announced that it has completed the acquisition
of Chem-Nuclear Systems, LLC and the other nuclear services businesses of
Waste Management, Inc.  Chem-Nuclear Systems operates the commercial
low-level radioactive waste disposal facility at Barnwell, South Carolina.

GTS Duratek purchased the businesses for $65 million, consisting of $55
million in cash at closing and $10 million additional cash consideration
upon the satisfaction of certain post-closing conditions.  The final
purchase price is subject to certain post-closing adjustments.

The acquired businesses are known collectively as Waste Management Nuclear
Services.  In addition to Chem-Nuclear Systems, the businesses includes two
other major operating segments:

> the Federal Services Division, which provides radioactive waste handling,
transportation, treatment, packaging, storage, disposal, site cleanup, and
project management services mainly for the U.S. Department of Energy and
other federal agencies; and

> the Commercial Services Division, which provides radioactive waste
handling, transportation, licensing, packing, disposal, and decontamination
and decommissioning services primarily to nuclear utilities.


According to a prepared statement from GTS Duratek, Waste Management Nuclear
Services is expected to add approximately $100 million in revenues to the
company, thereby increasing GTS Duratek's revenue run rate by approximately
55 percent.

The proposed transaction was subject to certain regulatory approvals and
other customary conditions, which have been met.


Waste Management declared its intention to sell the nuclear services
businesses last summer. The sale is part of a strategic plan that involves
divesting the company of assets that are not part of its North American
solid-waste business.


Information provided courtesy of LLW Forum-Cynthia Norris
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