Mitsubishi Heavy, Areva to start new joint venture
Posted By ap 11 months, 3 weeks ago in Business & FinanceTOKYO (AP) — Mitsubishi Heavy Industries Ltd. and French nuclear energy giant AREVA will establish a nuclear fuel production joint venture amid rising demand worldwide, the companies said Monday.
The entity, slated to start in the first half of 2009, will be set up by restructuring Mitsubishi Nuclear Fuel Co. into a "comprehensive nuclear fuel company" that incorporates development, design, manufacturing and sales of nuclear fuel. It will employ about 550 people and expects revenue of 50 billion yen ($555.8 million) by 2020.
"The new company, which will benefit from the technology and establish experience of each of the partners, is aimed at strengthening its nuclear fuel business in response to the increasing importance of nuclear power generation globally amid expanding efforts to prevent global warming," the firms said in a statement.
The tie-up will be owned by four companies. Mitsubishi Heavy will have a 35 percent stake, Mitsubishi Materials Corp. and Areva will hold 30 percent each, and Mitsubishi Corp. will take a 5 percent share.
The joint venture will supply Japanese customers and plans to later expand overseas, including the U.S., the firms said.
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