Areva to cut wage bill 15 percent as prospects worsen: union sources

The management of French nuclear group Areva (AREVA.PA) plans to cut 15 percent of its wage bill and thereby save 300 million euros ($337 million) a year as the prospects for sales of its reactors worsen, according to union sources briefed by the new team. The sources said Chief Executive Philippe Knoche told staff this week that the state-controlled company was likely to sell only about a dozen EPR reactors in the years up to 2030, down from 25 predicted previously. Areva is weighed down by heavy debt and suffering from an industry slowdown and legal troubles over a nuclear installation in Finland.



via Business News http://ift.tt/1AgCe16