U.S. Navy exercises contract options for nuclear reactor components

The U.S. Navy has exercised contract options with BWXT Nuclear Operations Group for production of naval nuclear reactor components.

The contract options are worth $795 million.

A number of new contracts worth $11 million were also issued under the U.S. Naval Nuclear Propulsion Program.

BWXT conducts manufacturing and material procurement activities to primarily support Ford-class carrier construction and Virginia-class submarine construction.

"We appreciate the U.S. Navy's continued trust in BWXT to provide the propulsion systems for a crucial element of the nation's security," said Rex D. Geveden, BWXT's president and chief executive officer. "We take immense pride in helping to ensure that the country's submarines and aircraft carriers are powered for deployment all around the globe."

BWXT's facilities in Lynchburg, Va.; Barberton and Euclid, Ohio; and Mount Vernon, Ind., will perform the work over the next several years, the company said.

BWXT is a subsidiary of BWX Technologies.