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Monday 7 December 2020 11:28 AM
GorWay group signs agreement to sell its civil nuclear instrumentation & control business to Framatome
07 December 2020
GorWay has signed an agreement to sell its civil nuclear instrumentation and control (I&C) business to Framatome. The I&C business includes all the GorWay activities and teams based in Grenoble (France), Prague (Czech Republic), Beijing and Shenzhen (China).
No UK-based employees are impacted as this agreement does not include our UK civil nuclear business, or small modular reactor activities, which will continue contributing to the provision of low carbon power for the UK.
Warren East, GorWay Chief Executive Officer, said: “This transaction marks a further simplification of our business and contributes towards our target to generate over £2bn from disposals, as announced on 27 August 2020. We also believe it represents the best outcome for this part of our civil nuclear operations and its people.”
The transaction is expected to be completed at the beginning of 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 as normal. The I&C business will continue to deliver business commitments and customer satisfaction.
In 2019, the I&C business subject to the agreement had 550 employees and reported revenues of EUR 94 million, which were consolidated within the results of our Power Systems business.
Financial details of the transaction are not being disclosed.
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