Huntington Ingalls Industries Inc HII has entered into a strategic agreement with Babcock International Group for naval and civil nuclear decommissioning and construction opportunities in the U.K. and U.S.
HII and Babcock will apply their capabilities to existing nuclear decommissioning contracts for U.S. ships and U.K. submarines, to share best practices and provide the opportunity to upskill.
The Memorandum of Understanding will also identify opportunities for cooperation in civil nuclear, including power plant and component design, fabrication and construction in North America and the U.K.
HII and Babcock will also explore how their capability in defense can be applied in support of the Australia – United Kingdom – United States (AUKUS) programs.
“As we expand our presence globally this is an important agreement to leverage more than 60 years of HII expertise in complex nuclear processes on behalf of civil and defense customers,” said HII CEO Chris Kastner.
Price Action: HII shares closed higher by 0.03% at $228.35 on Friday.