NEWPORT NEWS, Va., June 26, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Stoller Newport News Nuclear (SN3) subsidiary, together with contract partner Wastren Advantage Inc., was awarded a two-year extension to continue disposal operations at the Environmental Restoration Disposal Facility on the U.S. Department of Energy's Hanford Site in Washington.
The total contract, valued at up to $65 million, will expire in September 2017. Washington Closure Hanford (WCH), the awarding agency, operates the Environmental Restoration Disposal Facility for the Department of Energy.
"We are extremely pleased the WCH has chosen to exercise the first option period of our contract," said SN3 President Nick Lombardo. "We believe this reflects the value we have provided to the Hanford Site for safe and compliant operations."
In the 1940s, the Hanford Site was used to produce plutonium for weapons production processes that left solid and liquid wastes, posing a risk to the local environment. In 1989, the Department of Energy, Environmental Protection Agency and Washington State Department of Ecology entered into a legally binding accord, the Tri-Party Agreement, to clean up the Hanford Site.
Formerly known as Stoller, the company has had a presence at the Hanford Site for more than 12 years. SN3 is now a full-service nuclear operations and environmental services company that combines the expertise of HII's S.M. Stoller Corp. and Newport News Nuclear subsidiaries. Based in Broomfield, Colorado, the new company, announced in January, provides the Department of Energy and Department of Defense markets with a one-stop resource for nuclear operations and environmental services capabilities.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas markets. For more than a century, HII's Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Virginia, HII employs approximately 38,000 people operating both domestically and internationally. For more information, visit:
- HII on the web: www.huntingtoningalls.com
- HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
- HII on Twitter: twitter.com/hiindustries
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.