U.S. nuclear fuel and services provider Centrus Energy Corp ( NYSE : LEU ) announced on Monday that it has acquired one of its largest and most diversified suppliers, Westerman Holdings ( Westerman ), for approximately $116 million. The funding comes from about $95 million in cash and $21 million in equity. The company stated that this transaction is expected to enhance adjusted earnings per share in the first year following the close.
According to Centrus, this acquisition is of great significance to the company as it will help enhance the resilience of the supply chain and expand the revenue base. The professional capabilities of Westerman will be strengthened by integrating key manufacturing capabilities internally, thereby reducing the risks associated with the Centrus supply chain. At the same time, this transaction will also broaden Centrus's manufacturing platform, customer base, and future revenue opportunities through synergies in business and operations.
The acquisition of Westerman will support the several billion dollar uranium enrichment capacity expansion plan previously announced by Centrus. Westerman has been manufacturing centrifuge casings and other major centrifuge components for Centrus for a long time. Upon completion of the acquisition, Centrus plans to ensure a stable supply from this key supplier and to expand the capabilities of Westerman. Westerman also currently serves multiple non-nuclear customers in industries such as oil and gas and other high-growth sectors, which will enable Centrus to have a revenue base that exceeds its core nuclear business. The company expects that this acquisition will reduce the costs of Centrus projects and improve efficiency through an integrated supply chain.
Centrus, President and CEO, Amir Vexler stated: " Westerman is a first-class supplier and manufacturer that is highly recognized by Centrus, the entire nuclear industry, and many other industries as well. Incorporating Westerman into our team reflects our commitment to ensuring supply chain security while supporting our expansion plans. It will also enhance our capabilities and expand our customer base. We are committed to developing Westerman alongside our enrichment business, and we believe this transaction will create significant value for our shareholders."
Westerman CEO Jacob Garrett stated that he will take on the role of President at Westerman and also serve as Vice President at Centrus Energy. “Westerman has built advanced and differentiated manufacturing capabilities over more than a century,” said Garrett, “and working together with Centrus will enable us to accelerate this trajectory of development. Both parties can expand production capacity, deepen our nuclear manufacturing business portfolio, and create new opportunities for employees, customers, and the community. We are excited about the future we will build together.”
Centrus has acquired all the business lines of Westerman, and Westerman has now become a subsidiary of Centrus. Westerman will continue to operate under the name Westerman, maintaining its brand and customer relationships.
Westerman was established in 1909 and is a mature and high-quality industrial manufacturing enterprise with professional capabilities to serve nuclear energy, oil and gas, and a broader range of high-growth industrial markets. The company employs approximately 400 people and owns four world-class factories in Ohio, Oklahoma, and Wyoming. Its product portfolio includes upstream and midstream oil and gas production equipment, engineering industrial systems, as well as nuclear-grade products such as UF6 steel cylinders.
Barclays serves as the financial advisor for this transaction of Centrus. Wachtell, Lipton, Rosen & Katz act as its legal advisors.
About Centrus
Centrus Energy is a trusted supplier of nuclear fuel and services in the US nuclear power industry, helping to meet the growing demand for clean, affordable, and carbon-free energy. Since 1998, the company has supplied more than 1,850 reactor-years of fuel to utility customers, which is equivalent to over 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is at the forefront of producing highly enriched low-enrichment uranium (HALEU) and leading efforts to restore the United States' large-scale uranium enrichment capacity to meet the needs of clean energy, energy security, and national security. For more information, visit www.centrusenergy.com, or follow their LinkedIn and X accounts.
About Westerman
Westerman is a large equipment manufacturer that focuses on continuous improvement in design, engineering, and manufacturing. Its extensive range of equipment supports processes such as production, dewatering, stabilization, filtration, and transfer metering, setting new standards for performance and economy across the country. The company serves a variety of end markets including nuclear energy, maritime, and industrial sectors.
Forward-looking Statements
This press release contains “forward-looking statements” as defined by Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements refer to statements regarding future events that may affect our expected future business and financial performance, and typically use words such as “我们预计,” “we anticipate,” “we intend,” “we plan,” “we believe,” “we will,” “we should,” “it is possible,” “we may,” and similar phrases. These forward-looking statements are based on information available to us as of the date of this press release and reflect management’s current views and assumptions regarding future events and operating, economic, and financial performance.
For Centrus Energy Corp, there may be uncertainties that could lead to significant differences between actual future results and the content expressed in forward-looking statements. These factors include, but are not limited to, the following: the Ukraine war and other geopolitical conflicts; our government contracts, including the impact of changes in funding levels from the U.S. government for HALEU, the government's inability to fulfill its obligations, and our lease agreements for the Piketon facility in Ohio; whether and when there will be a demand for HALEU or LEU for government or commercial use, and the scale of such demand; the impact of supply-demand imbalances in the LEU market and the potential prolongation of these imbalances; fierce competition from major LEU manufacturers, including foreign competitors who may be less constrained by costs than we are; limitations on our competitiveness in overseas markets; price trends and demand in the uranium and enrichment markets, especially in the context of potential supply constraints and our dependence on others to deliver LEU; and our ability to implement expansion projects at our Piketon site in Ohio and Oak Ridge site in Tennessee.
Readers are reminded not to rely excessively on these forward-looking statements, which are only applicable as of the date of this press release. The aforementioned factors do not necessarily cover all factors that could cause actual results to differ from those discussed in any forward-looking statements. Therefore, forward-looking statements should not be regarded as predictions of actual results. Readers are advised to carefully review and consider the information disclosed in this press release and in the documents we have submitted to the U.S. Securities and Exchange Commission, including our Form 10-K annual report for the fiscal year ending December 31, 2025, item 1A "Risk Factors" in Part II of our Form 10-Q quarterly report for the quarter ending March 31, 2026, item 1A "Risk Factors" in Part II of our Form 10-Q quarterly report for the quarter ending June 30, 2026, as well as other documents submitted to the SEC that aim to inform relevant parties of risks and factors that may affect our business. Except as required by law, we have no obligation to update forward-looking statements after the date of this press release due to changes in events or circumstances.
Contact Information:
Centrus (Media) — Dan Leistikow [ email protected ]
Centrus (Investors) — Neal Nagarajan [ email protected ]
Westerman — Nolan Lamar [ email protected ]
