Rolls-Royce accepts the sale of the I&C activity to Framatome: Corporate
December 07, 2020
The British engineering company Rolls-Royce announced today that it has signed an agreement for the sale of its civil nuclear instrumentation and control (I&C) activity to the French Framatome. No UK-based employees are affected as the agreement does not include Rolls-Royce’s civilian nuclear activities or small modular reactor activities.
The transaction is expected to close early in the second half of 2021, subject to closing conditions, including regulatory approvals. In the meantime, the two companies remain independent and will continue to operate normally. Financial details of the transaction are not being disclosed.
“This transaction marks a further streamlining of our business and contributes to our goal of generating over £ 2 billion from divestitures, as announced on August 27, 2020,” said Rolls-Royce CEO Warren East. “We also believe that it represents the best result for this part of our civilian nuclear operations and its personnel.”
The I&C activity brings together all the Rolls-Royce activities and teams based in Grenoble (France), Prague (Czech Republic), Beijing and Shenzhen (China). In 2019, the I&C business subject to the agreement had 550 employees and achieved a turnover of 94 million euros (114 million US dollars), consolidated in the results of the Power Systems business of Rolls- Royce.
“The purchase of the Rolls-Royce Civil Nuclear I&C business aligns with our strategy to ensure the continuity of a strong skills base and to expand our footprint for long-term operations,” said Bernard Fontana, CEO of Framatome. “We are committed to helping our customers maintain their nuclear power plants as reliable and competitive sources of low-carbon electricity into the future.”
Framatome said it will integrate Rolls-Royce products and technologies, which are installed in 150 operating reactors around the world, as part of its IofC portfolio. The operation will allow Framatome to integrate all the functions critical to safety, at the service of its customers and in particular of French nuclear power plants, he added.
Research and writing by World Nuclear News