Terms of Areva NP contract include non-compete language
– By Stephen Heiser –
AREVA has informed Siemens that it is in breach of contract due to its announcement this week of a new nuclear joint venture.
AREVA noted Siemens, with its 34 percent share in AREVA NP, has a number of compulsory obligations under the shareholders' agreement dated Jan. 30, 2001, including a non-competition clause.
AREVA spokesman Jarret Adams told Nuclear Street, “We consider Siemens’ actions to be a breach of contract because of a non-compete clause that is in effect until 2020.”
Siemens announced the new joint venture today, and AREVA has said the breach of contract comes with all the ensuing consequences outlined in the shareholder's agreement.
As the leading U.S. nuclear vendor and a key player in the electricity transmission and distribution sector, AREVA Inc.'s 5,300 U.S. energy employees are committed to serving the nation and paving the way for the future of the electricity market. With 45 locations across the nation and nearly $2 billion in energy revenues in 2007, AREVA Inc., through its subsidiaries, combines U.S. leadership, access to worldwide expertise and a proven track record of performance. In the U.S. and in more than 100 countries around the world, AREVA is engaged in the 21st century's greatest challenges: making energy available to all, protecting the planet, and acting responsibly toward future generations. AREVA Inc. is headquartered in Bethesda, Maryland.