Huntington Ingalls Industries, Inc.’s HII unit, Stoller Newport News Nuclear, (“SN3”) and contract partner Wastren Advantage Inc. have received a two-year extension contract from Washington Closure Hanford (“WCH”).
Per the contract, SN3 will continue to perform disposal operations at the Environmental Restoration Disposal Facility, at the U.S. Department of Energy’s (“DoE”) Hanford Site, WA. The contract is worth $65 million and is set to expire in Sep 2017.
Earlier in the 1940s, the Hanford Site had been utilized for the production of plutonium, which was required for manufacturing weapons. In the process, solid and liquid nuclear wastes accumulated in the area, thereby posing threat to the local environment. A Tri-Party Agreement was signed by the DoE, the Environmental Protection Agency and the Washington State Department of Ecology for cleaning the site.
SN3, previously known as Stoller, was formed after integrating S.M. Stoller Corp. and Newport News Nuclear, two subsidiaries of Huntington Ingalls. The unit has been operational at the Hanford Site for the last 12 years, and acts as a one-stop resource for nuclear operations and environmental services capabilities for the DoE and Department of Defense markets.
Huntington Ingalls, the largest military shipbuilder in the U.S., primarily deals with the supply of nuclear and non-nuclear ships to the U.S. Navy and Coast Guards. The company also provides manufacturing, engineering and management services to commercial and non-commercial oil, gas and energy markets.
Apart from General Dynamics Corp. GD, Huntington Ingalls is the only company equipped to build nuclear-powered submarines in the U.S. Huntington presently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the aerospace-defense sector are Leidos Holdings, Inc. LDOS and Northrop Grumman Corporation NOC, both carrying a Zacks Rank #2 (Buy).
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