Summary Box: Areva to cut up to 1,500 jobs

AP News
Posted: Dec 13, 2011 12:35 PM
Summary Box: Areva to cut up to 1,500 jobs

JOBS NUKED: France's state-controlled nuclear giant Areva has plans to cut jobs and suspend projects around the world as part of a five-year turnaround plan, aimed at returning to profit after posting a huge losses. Areva plans to cut up to 1,500 jobs in Germany and has suspended a nuclear enrichment plant project in Idaho in the U.S. in a bid to offset losses this year that could reach $2.12 billion.

FRENCH CORRECTION: Areva will not resort to mass layoffs in France but has instated a hiring freeze on support jobs such as information technology. Areva employs 8,000 people in support, including 6,000 in France.

OVERSEAS TREMORS: The company said it will post a big loss for 2011 because it had to set aside more than $2.65 billion to deal with the impacts of a troubled mining project in Namibia and Japan's Fukushima nuclear disaster in March.