Avingtrans buys US nuclear-engineering designs for $2.5 million

Avingtrans ($AVG) has acquired the intellectual property, trading history and brand of Joseph Oat Corporation for $2.5 million in cash. The US nuclear-engineering specialist supplied critical equipment with a substantial installed base that can generate service and replacement work. The transaction follows the planned retirement of the seller’s owners and complements Avingtrans’ Hayward Tyler and Energy Steel operations.

Owning original designs should help the group supply replacement components without reverse-engineering them, while widening its qualified nuclear-product offering. Avingtrans also reported strong early-year nuclear activity, including long-lead equipment for TerraPower and replacement work at the Duane Arnold power station. The disclosed purchase concerns specified intellectual-property and brand assets, not an acquisition of the entire operating company. No acquired revenue, profit contribution or quantified order-book addition was supplied.

Sources:

• Company RNS reproduced by Investegate