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LYNCHBURG, Va. - BWX Technologies, Inc. (NYSE:BWXT), a company with a market capitalization of $16.87 billion and impressive year-to-date returns of 64%, has been awarded a $1.6 billion, 10-year contract from the Department of Energy’s National Nuclear Security Administration to establish a supply of high purity depleted uranium (HPDU), according to a company press release.
Under the contract, BWXT will design and build an HPDU manufacturing plant at its site in Jonesborough, Tennessee. The company will handle licensing, equipment procurement, site preparation, manufacturing readiness demonstration, and plant operations. The facility will be capable of producing up to 300 metric tons of HPDU annually.
The new plant will convert uranium oxide to usable metal, a process previously performed at the Jonesborough site. BWXT’s design plan emphasizes engineered environmental controls and solid waste management with no additional liquid discharge into local waterways.
Once operational, the facility is expected to create approximately 175 highly skilled jobs, with additional positions during construction through subcontractors. According to the company, the Jonesborough facility will be the only active site capable of performing this critical process for the government.
Rex D. Geveden, president and CEO of BWXT, said the project "represents a significant investment in northeast Tennessee and advances the BWXT legacy of supporting mission-critical work for defense purposes."
BWXT acquired the Jonesborough site earlier this year as part of its strategy to expand its special materials business line. The company employs nearly 10,000 people and supports the U.S. Department of Energy and National Nuclear Security Administration across multiple contracts.
In other recent news, BWX Technologies reported robust financial results for the second quarter of 2025, significantly surpassing expectations. The company’s earnings per share came in at $1.02, beating the forecasted $0.79, while revenue reached $764 million, exceeding the anticipated $708.55 million. Additionally, BWXT secured a $1.5 billion contract from the Department of Energy’s National Nuclear Security Administration to develop domestic uranium enrichment capabilities. This contract involves building a pilot plant for uranium enrichment at the Nuclear Fuel Services site in Tennessee.
In leadership changes, BWX Technologies appointed Rik Geiersbach as its new chief strategy officer. Geiersbach, a former Boeing executive, will oversee the company’s enterprise strategy and merger and acquisition initiatives. Meanwhile, BofA Securities raised its price target for BWX Technologies to $220, maintaining a Buy rating, reflecting a significant upward revision in its valuation model. Truist Securities also increased its price target to $145, maintaining a Hold rating, following BWXT’s better-than-expected second-quarter results and improved outlook for the year.
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