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Virginia Power Awards American Ecology Potentially Its Largest Contract Yet as Owner of Oak Ridge Motor Facility
Business Wire, August 17, 1998
BOISE, Idaho--(BUSINESS WIRE)--Aug. 17, 1998--Joseph Nagel, president and chief operating officer of American Ecology Corporation (NASDAQ:ECOL), today announced that Virginia Electric Power Company has awarded the company's Oak Ridge facility its largest contract yet under American Ecology ownership.
Nagel said the contract calls for US Ecology's Oak Ridge Nuclear Equipment Service Center to decontaminate, refurbish, rewind and upgrade up to seven large electrical motors employed to circulate cooling water inside nuclear power reactors. Nagel said the contract value could reach $7 million if Richmond-based Virginia Electric Power exercises all its options.
"These big motors require only the most precise work in each step of the process because of their critical importance to safe operations of a nuclear power reactor," Nagel said. "We are pleased to win this opportunity to perform for an important customer in Virginia Electric Power, and congratulate Service Center Manager Walt Kritsky for securing this significant contract."
Mobilization is under way to ship the first of the approximately 6,000-horsepower motors for the comprehensive work at US Ecology's Oak Ridge facility. US Ecology's Oak Ridge Manager John DeOld said the first two of the motors under contract will come from Virginia Electric Power's Surry power generating station.
American Ecology provides processing, packaging, transportation, remediation and disposal services for generators of hazardous waste and low-level radioactive waste at licensed facilities throughout the United States. The company has been in business since 1952.
CONTACT: Scott Peyron & Associates, Boise
Scott Peyron, 208/388-3800
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