BWXT agrees to sell medical business for USD800 million, retaining minority stake and isotope expertise

Transaction and what BWXT will keep

BWX Technologies (BWXT) said it has agreed to sell its medical business for USD800 million, describing the move as a way to concentrate resources and capital on its core nuclear national security and commercial nuclear power markets.

BWXT said it expects to retain a minority share in the medical business and to continue providing specialised isotope and radiochemical expertise. It also said the transaction, under a Sweden-based private equity firm Nordic Capital, is expected to enable scaling and expansion of radiopharmaceutical capabilities, including developing, manufacturing and delivering products for diagnostic imaging and radiotherapeutic treatments.

BWXT said the medical business employs 300 people in Ottawa and Vancouver in Canada and that it acquired Toronto-headquartered Kinectrics in January 2025 for USD525 million.

Kinectrics capabilities described in BWXT’s announcement

BWXT said Kinectrics operates two core business areas: commercial power services and nuclear medicine.

It said Kinectrics’ commercial nuclear services portfolio includes support for all stages of the nuclear power plant lifecycle and other areas of the related grid ecosystem.

The company also highlighted isotope production connected to its nuclear operations: it produces ytterbium-176, a stable isotope used for the production of non-carrier-added lutetium-177 through irradiation at the Bruce nuclear power plant.

Timing and stated rationale

BWXT said the transaction is subject to regulatory approvals and is expected to close before the end of the year.

In its statement, BWXT said its nuclear operations cover a range of activities, including powering US navy submarines, manufacturing heavy nuclear components, developing advanced reactor fuels, small modular reactors, and advanced nuclear systems for use on space missions by NASA.