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Business/Financial

BWXT Halfway Through submarine Missile Tube Fixes; Threatens Exit From Business

Tuesday, August 6th, 2019

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BWXT Halfway Through submarine Missile Tube Fixes; Threatens Exit From Business

A welder. Source: BWX Technologies.

BWX Technologies [BWXT] is now about halfway through repairing 12 submarine missile tubes it welded incorrectly in 2018, Rex Geveden, president and chief executive officer of the Lynchburg, Va., nuclear-hardware and fuel provider told investors Tuesday. Under multiple subcontract to Columbia- and Virginia-class submarine prime General Dynamics [GD] Electric Boat, BWXT is on the hook to deliver tubes through 2021. In the wake of last years’ gaffe, disclosed in the 2018 second quarter and costing BWXT’s $30 million, the contract…

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