Nuclear power giant AREVA, as part of their restructuring strategy, announced over the holiday weekend that it had completed the sale of its instrumentation and measurement specialist company Canberra to Mirion Technologies, a global provider of radiation detection, measurement and monitoring products that works primarily with defense and medical industries.
Mirion, which has its headquarters in the San Francisco Bay area, was selected in December 2015 after a bidding process to purchase Canberra. It is a company in the Charterhouse Capital Partners investment portfolio.
Canberra strengthens Mirion's own product line, said the company's Chairman and Chief Executive Officer Thomas Logan. Mirion, said AREVA CEO Phillippe Knoche, was awarded the winning bid “in part because of its long history as a reliable supplier to the nuclear industry.”
AREVA is on track to sell about $5.45 billion of its assets to make up for a sharp slump in revenues that resulted in losses prompted in part by long delays at construction projects and a general drop in orders that followed the March 2011 accident at the Fukushima Daichi nuclear power station in Japan.
As part of its restructuring, AREVA is also planning to sell 85 percent of its nuclear reactor business to Electricite de France SA (EDF) at a price of about 2.5 billion euros or $2.77 billion.
That sale is not expected to be completed until sometime in 2017.