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AREVA Group to Purchase Duke Engineering & Services.

Business Editors

LYNCHBURG, Va.--(BUSINESS WIRE)--Jan. 31, 2002

Framatome ANP, Inc., an AREVA and Siemens company, has signed an agreement to purchase Duke Engineering & Services Inc. (DE&S), a subsidiary of Duke Energy.

DE&S, headquartered in Charlotte, N.C., is a leading engineering and technical services firm with revenues last year of more than $280 million.

The purchase will include three DE&S business groups - Nuclear, Federal and Energy & Environmental. The Nuclear Group focuses on nuclear engineering, plant upgrades, instrumentation and control and spent fuel storage engineering. The Federal Group provides engineering and site management for several Department of Energy nuclear sites. The Energy and Environmental Group serves the hydro, gas transmission and fossil energy markets.

Framatome ANP, Inc. President and CEO Tom Christopher said the acquisition of the global engineering company emphasizes Framatome ANP, Inc.'s commitment to the future of nuclear energy and to expanding its energy services businesses.

"The synergy between Framatome ANP, Inc. and DE&S will be excellent because of DE&S' proficiencies and our strategic goals in the energy industry," said Christopher. "As the world leader in nuclear engineering, nuclear fuel and nuclear services, this addition enables us to significantly broaden our business portfolio in the U.S."

Christopher indicated that he is very pleased to add Charlotte, N.C. to corporate locations in Richland, Wash., Atlanta, Ga. and Lynchburg, Va.

"Charlotte is acknowledged as a leading banking, financial and business center in the eastern U.S.," he said. "We are proud to be growing our engineering services businesses in this thriving commerce center."

The sale is expected to close in the second quarter, 2002.

The incorporation of DE&S into Framatome ANP, Inc. will add about 1,250 employees to the 2,200 already employed by Framatome ANP, Inc. in the U.S.

Two current components of DE&S are not part of the sale. Duke Energy will establish Duke Energy - Energy Delivery Services, formed by the power delivery services component of DE&S. Duke Energy - Energy Delivery Services will continue to supply a full range of power delivery solutions to its customers. Leadership of the U.S. Department of Energy Mixed Oxide Fuel (MOX) project will also remain with Duke Energy.

Framatome ANP (Advanced Nuclear Power), an AREVA and Siemens company, is the world's premier nuclear supplier. Framatome ANP's focus includes comprehensive engineering, instrumentation and control, nuclear services, heavy component manufacture, modernization, fuel assemblies for many reactor designs, including those supplied by other vendors, and the development and construction of nuclear power plants and research reactors.

Framatome ANP is headquartered in Paris with principal subsidiaries in the U.S. and Germany. In the company, AREVA has a 66% shares and Siemens 34%. Framatome ANP has a total workforce of approximately 13,000 worldwide and posts annual revenues totaling about $2.3 billion.

The AREVA Group, which combines the forces of Cogema, Framatome ANP and Framatome Connectors International, has sales exceeding $8.6 billion and more than 50,000 employees. The AREVA Group is the world leader in nuclear power and the second largest group worldwide in connectors. The total revenue from its North American companies should now exceed $1.5 billion.

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Publication:Business Wire
Geographic Code:1USA
Date:Jan 31, 2002
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