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French Nuclear Giant Areva Links Up With Northrop in Groundbreaking Production Venture
In a sign that the planned construction of new nuclear reactors in the U.S. market could jump-start the nation’s moribund manufacturing sector, France’s Areva SA and defense-industry giant Northrop Grumman Corp. (NOC) have formed a joint venture to make nuclear reactor vessels, steam generators and other related components at Northrop’s Newport News shipyard in Virginia.
The venture – Areva Newport News LLC – will emanate from a $360 million investment, and will lead to the construction of a 300,000-square-foot production-and-engineering facility, the two companies said yesterday (Thursday). It will employ 500 workers when completed in 2011, according to an MSNMoneycentral report.
Mike Petters, president…
24Oct2008 | Money Morning | Comments Off | Continued
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