Areva to divest assets and cut jobs to cope with 2014 losses

11 March 2015 (Last Updated March 11th, 2015 18:30)

Energy and electrical engineering firm Spie is looking to acquire assets from Areva, in response to the latter's announcement for divestment in the previous week.

Energy and electrical engineering firm Spie is looking to acquire assets from Areva, in response to the latter’s announcement for divestment in the previous week.

The French state-controlled nuclear group Areva intends to sell assets worth more than €450m between this year and 2017, in order to keep up with the recent losses, reports Reuters.

Spie chief executive Gauthier Louette was quoted by the news agency as saying: "They are looking to reduce costs, so we are attentive to that."

Louette also said that it was too early to comment about which assets will be purchased, however.

"Spie is responsible for mechanical maintenance at several EDF nuclear plants."

Spie already serves the French nuclear sector in co-ordination with Areva and EDF.

The firm is responsible for mechanical maintenance at several EDF nuclear plants. It has also signed two decommissioning contracts for nuclear facilities located in Creys-Malville and Bugey.

Earlier in the month, Areva had reported losses amounting to €4.8bn in 2014.

The anticipated assets to be sold by the firm include its radiation measurement unit Canberra in the US, its nuclear transport unit TNI, and its nuclear decommissioning unit STMI.

Areva spokeswoman was cited by Reuters as saying that the firm will cut around 1,500 jobs in Germany by 2017 also. Areva Germany has approximately 5,100 employees at present.

The decision for dismissal is in line with the firm’s restructuring strategy to cope with the losses.

Areva will, however, engage into discussions with the trade unions before employees are made redundant.