NEWPORT NEWS, Va., Jan. 21, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today the creation of Stoller Newport News Nuclear (SN3), a full-service nuclear operations and environmental services company that will combine the expertise of the company's S.M. Stoller Corp. and Newport News Nuclear subsidiaries.
"Formation of SN3 is a logical next step in the post-acquisition process of fully integrating our people and capabilities to achieve our business goals," said Pete Diakun, vice president, energy programs at HII's Newport News Shipbuilding division. "This integration will enhance our market competitiveness while preserving the proud heritage of both the Stoller and Newport News Nuclear companies."
By combining strength and experience, SN3 will provide the Department of Energy and Department of Defense markets with a one-stop resource for nuclear operations and environmental services capabilities. Once the restructuring is complete, Newport News Nuclear will operate as a subsidiary of SN3.
Newport News Nuclear, an HII subsidiary operating under the Newport News Shipbuilding division, was formed in 2007 to provide the Department of Energy with the excellence in nuclear operations and program management that Newport News Shipbuilding has delivered to the U.S. Naval Nuclear Propulsion Program for more than 50 years.
Stoller was founded in 1959 to provide leading-edge technical consulting and engineering services. The company was acquired in January 2014 and is a wholly owned subsidiary of HII, operating under the company's Newport News Shipbuilding division. Headquartered in Colorado with locations across the U.S., the company provides technical, environmental, ecological, waste management, remediation and consultation services to private sector companies and the U.S. government.
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of manufacturing, engineering and management services to the commercial and non-commercial oil, gas and energy markets. For more than a century, HII's Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Va., HII employs approximately 39,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.
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Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
CONTACT: Christie Miller Christine.Miller@HII-co.com (757) 380-3581
Source:Huntington Ingalls Industries, Inc.