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FOR IMMEDIATE RELEASE:
May 28, 2008 (CORRECTED VERSION)
USEC Awards $92 Million Contract to Teledyne
Brown
- Teledyne to Manufacture Service Modules for USEC's American Centrifuge
Plant -
BETHESDA, Md.
- USEC Inc. (NYSE: USU)
awarded a $92 million contract to Teledyne Brown Engineering Inc. of Huntsville,
Ala., to manufacture 540 gas
centrifuge service modules for USEC's
American Centrifuge uranium enrichment program.
Teledyne
Brown received this follow-on order to a previously awarded $19.4 million
contract for an initial complement of 36 service modules. Service
modules, which are critical to the operation of the centrifuge machines, are
welded, steel frame structures with pipe headers and valves, control and
instrument cabling, ventilation ductwork and electrical distribution
cables. The individual machine
isolation valves, power controls and instrumentation package are mounted on
the service modules. These
service modules can accommodate up to 20 AC100 centrifuge machines and are
connected in series to support cascade operations.
Teledyne
Brown recently opened a new manufacturing facility in Huntsville,
tripling the company's manufacturing capabilities there, to handle this
contract. It expects to add
nearly 200 jobs at the new facility, which is being expanded from its
original 130,000 square feet to the 206,000 square feet needed for production
operations. The initial
production machines have been installed, and the hiring and training of
manufacturing personnel as well as process development and tooling
fabrication are underway.
"Teledyne
Brown was selected to produce service modules for USEC's
American Centrifuge Plant because of their experience as a top-notch supplier
of nuclear hardware," said Philip G. Sewell, USEC
senior vice president, American Centrifuge and Russian HEU. "This contract is a great example
of how the American Centrifuge Plant is helping rebuild America's
nuclear manufacturing base and creating a significant
number of jobs around the country."
The contract was awarded by Fluor
Corporation (NYSE: FLR) acting as
the agent for and on behalf of USEC.
Fluor serves as the engineering, procurement and construction manager
for USEC's American Centrifuge
Plant in Piketon, Ohio.
Last month, USEC announced that it
has finalized the initial design for the AC100 centrifuge machine, releasing
75 percent of the drawings to strategic suppliers to begin manufacturing
components. The remaining 25
percent are expected to be released by June 30. USEC expects to complete its review of
the comprehensive project budget and schedule for the American Centrifuge
Plant in late June and release details thereafter.
As America's
only commercial uranium enrichment facility under construction that uses U.S.
centrifuge technology, the American Centrifuge Plant will play an important
role in America's
energy security. Enrichment is
the process by which the concentration of the fissionable uranium isotope,
U-235, is increased in order to make fuel for nuclear power plants.
USEC Inc., a global energy company, is a
leading supplier of enriched uranium fuel for commercial nuclear power
plants.
This news release contains
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainty. For USEC,
particular risks and uncertainties that could cause our actual future results
to differ materially from those expressed in our forward-looking statements
include, but are not limited to: the success of the demonstration and
deployment of our American Centrifuge technology including our ability to
meet our performance targets and schedule for the American Centrifuge Plant;
the cost of the American Centrifuge Plant and our ability to secure required
external financial support; changes in existing restrictions on imports of
Russian enriched uranium; changes to, or termination of, our contracts with
the U.S. government and changes in U.S. government priorities and the
availability of government funding, including loan guarantees; the
competitive environment for our products and services; and other risks and
uncertainties discussed in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K/A and quarterly reports
on Form 10-Q, which are available on our website www.usec.com. We do not undertake to update our forward-looking
statements except as required by law.
###
Contact:
Media: Elizabeth
Stuckle (301) 564-3399
Investors: Steven
Wingfield (301) 564-3354
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