AREVA continues U.S. expansion with acquisition of Duke Engineering & Services
January 31, 2002
January 31, 2002
FRAMATOME ANP Inc., a subsidiary of the AREVA Group, has signed an agreement to acquire Duke Engineering & Services Inc., a subsidiary of the U.S. energy company Duke Energy Corp. [NYSE, DUK].
Duke Engineering & Services works primarily in the field of nuclear engineering. It also supplies services to operators of hydro and thermal (gas and oil) power plants as well as nuclear services to the Department of Energy (cleanup, decommissioning). Sales exceeded $280 million in 2000, with approximately the same figure expected for 2001. The company has about 1,250 employees.
This acquisition, which is to be finalized before the end of the summer of 2002, strengthens the Group's positions in nuclear engineering and services in the United States. Significant growth is projected in these markets with the extension of nuclear plant life from 40 to 60 years and related projects to raise their power output.
Following the buyout in 2001 of Canberra Inc., the U.S. leader in nuclear measurements, this acquisition further bolsters AREVA's presence in the United States, the country with the most nuclear power plants. The Group is now well positioned for the implementation of the U.S. administration's national energy plan, which calls for restarting the nuclear energy program.
Anne Lauvergeon, chairman of AREVA, comments: "This is one more step in the AREVA Group's development in the United States, and it will raise our sales in North America above $1.5 billion".
Vincent Maurel, chairman of FRAMATOME ANP, notes: "The capabilities of Duke Engineering & Services will round out our U.S. activities, which are already extensive in the nuclear fuel and services markets, and it will allow FRAMATOME ANP Inc. to take part in the nuclear industry's revival in the United States.