Recently, the Cavendish Fluor partnership was chosen as the preferred bidder amid strong bidding competition to takeover Magnox Ltd and Research Sites Restoration Limited (RSRL), the Site License Companies that manage and operate 12 UK nuclear sites. The scope of the contract requires the partnership to control and handle decommissioning of the UK's Magnox power plants as well as several nuclear research facilities.
After the receipt of the bid, the partnership will begin a five-month contract transition phase following a 10-day standstill period. Post transition, the Cavendish Fluor Partnership will become the new Parent Body Organization and take ownership of Magnox Ltd and RSRL.
Fluor (NYSE: FLR) is an industry leader in nuclear remediation at government facilities throughout the U.S. With the completion of the Fernald Closure Project 12 years ahead of schedule and $7.8 billion under budget, Fluor has positioned itself as the leading nuclear remediation provider for the U.S. Department of Energy facilties and to nuclear-remediation projects in the United Kingdom, Russia and across the world.
Cavendish Nuclear is the UK's largest specialist nuclear support services organization. The company is a provider of safe, effective solutions for the entire nuclear lifecycle, from designing to building, through operation and maintenance, to decommissioning, waste management and remediation.
Together, the companies bring rich experience in handling nuclear facility management, especially in the decommissioning and clean-up process.
Fluor currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy industry include Enersys Inc. (NYSE: ENS), Quanta Services Inc. (NYSE: PWR) and AECOM Technology Corp. (NYSE: ACM).
AECOM TECH CORP (NYSE: ACM): Free Stock Analysis Report
ENERSYS INC (NYSE: ENS): Free Stock Analysis Report
FLUOR CORP-NEW (NYSE: FLR): Free Stock Analysis Report
QUANTA SERVICES (NYSE: PWR): Free Stock Analysis Report
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