ML20055C611
| ML20055C611 | |
| Person / Time | |
|---|---|
| Site: | BWX Technologies, 07000364, 07000824, 07000135, 07000028 |
| Issue date: | 05/18/1990 |
| From: | Eckert J BABCOCK & WILCOX CO. |
| To: | Bernero R NRC OFFICE OF NUCLEAR MATERIAL SAFETY & SAFEGUARDS (NMSS) |
| References | |
| NUDOCS 9005290094 | |
| Download: ML20055C611 (3) | |
Text
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ig.-.Lg I BSWNL RLEAR TECHNOLOGIES 3315 Old Forest Road P.O. Box 10935 -
Lynchburg. VA 24506-0935-Telephone:804 385-2000 Telecopy: B04-385-3663 May 18,1990 I
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'Mr.-Robert M. Berneio, Director Office of Nuclear Material Safety and Safeguards-U.S. Nuclear Regulatory Commission Washington, D.C.
20555
Dear Mr.'Bernero:
. Babcock & Wilcox Company ("B&W") is the holder of the NRC Special Nuclear Materials - licenses identified in Attachment I to this letter, as' well as
'various' Source Material-and By@roduct Material licenses.
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- At? the-present time, all of the stock -of B&W is owned by McDermott, Inc.
.-("McDermott"), a Delaware corporation,- which also has assets _and liabilities -
E that are: unrelated to its ownership of B&W.
McDermott intends to establish a:
- new - subsidiary,L Babcock - & Wilcox Investments Company - ("BWIC0"), a Del aware -
corporation..Upon completion of pertinent actions, McDermott will transfer all of the stock of B&W-to BWICO in exchange for all of the stock of BWICO.
As a.
result,. BWICO will be a wholly-owned subsidiary of McDermott and, in. turn, B&W.
will. be a wholly-owned subsidiary of. BWICO.
'.The directorc. and principal
' officers of BWICO will be the same as the directors and principal officers of-m
'B&W.
The foregoing change in stock ownership will hav'e no effect upon the activities-of B&W.under the NRC licenses.
The transaction will not result in any change-
.in' organization, location, facilities, equipment, procedures or personnel, nor in the corporate structure res)onsible for management, oversight, control, or
- radiological safety. of licensec materials or in the use, possession or storage of the licensed materials.
In :our. view, the foregoing change in stock ownership does 'not constitute a transfer of. control of the'NRC licenses that would be subject to the consent of the NRC under-10 CFR 66 30.34(b) and 70.36.
Accordingly, we would appreciate receiving confirmation from the NRC that its consent is not required.
If, l receiving such consent.
. we would appreciate however, the NRC believes that its consent is required, It is intended that BWIC0 will provide a parent company guarantee of-funds for decommissioning costs for each of the NRC licenses listed in Attachment 1
'(except7 for SNM-42, which is to be covered by a letter of assurance that the
, ! U.S.. Department of Energy is responsible for decommissioning costs) pursuant to j-110 CFR $ 70'25(f)(2)' as well as for its 83y-Product and Source Material licenses
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pursuant'to 10 CFR 65 30.34(f)(2) and 40.36 (e)(2).
Since the NRC regulations require that such financial assurance be submitted to the NRC by July 27, 1990, we would _ appreciate receiving either the NRC's confirmation that consent to the -
change' in stock ownership is not required, or the' NRC's consent-by_ June ~ 22, 1990, in order to allow sufficient time for the-change. in stock ownership-to take-place, If you' have any questions or. need any additional _'information, please call John R. Lewis at 804/385-3630.
'f Jq in P. Eckert Schior Vice President & Group Executive Defense & Nuclear Power Group
-jck JRL90/jr197 -
Attachment cc: Stuart A. Treby, Esq. (USNRC 0ffice of General Counsel)
Maurice Axelrad, Esq. (Newman & Holtzinger, P.C.)
John R.: Lewis
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