Areva inks agreement to sell nuclear measurements subsidiary

Areva has signed an agreement with the French private equity manager Astorg Partners for the firm to take over AREVA’s nuclear measurement subsidiary, Canberra.

The agreement comes after the Oct. 22, 2012 announcement that exclusive negotiations in advance of this transaction had begun between the two firms.

Headquartered in Meriden, Conn., Canberra employs 1,050 people worldwide and generated sales of around 250 million euros in 2012. The transaction between AREVA and Astorg is part of AREVA’s “Action 2016” plan, announced in Dec. 2011, to sell off assets in order to reduce indebtedness and free up space for strategic investment.

According to an AREVA press release, “The conclusion of this sale will allow the group to greatly exceed the floor target of 1.2 billion euros for assets disposal over the 2012-2013 period.”

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