New Areva changes name to Orano
New Areva announced today it has been renamed Orano. New Areva comprises Areva's nuclear fuel cycle activities that remained after the spin-off and subsequent sale of its reactor business. New NP - Areva's former reactor business - was renamed Framatome earlier this month.
Orano is focused on nuclear materials development and waste management and its activities encompass uranium mining, conversion and enrichment, used fuel recycling, nuclear logistics, decommissioning and engineering.
The group has 16,000 employees, with a revenue of €4 billion ($5 billion) and an order backlog of €31.8 billion, representing the equivalent of nearly eight years of revenue.
Its strategic action plan is centred on three objectives: to generate more than 30% of its revenue in Asia by 2020 (up from the current 20%); to generate positive net cash flow this year; and, to ensure more than half of its staff are in service activities in 2020. Orano said it plans to invest €1.8 billion in modernising its plants between now and 2025.
Orano said its new name derived from Ouranos, the Greek god who became Uranus in Roman mythology and from whom the planet takes its name. It was later to serve as a point of reference when the term 'uranium' was created.
"Orano symbolizes a new start," said Orano CEO Philippe Knoche. "A new start that has been under preparation for several years now. We have set up a new organisational structure, a new business plan, a new strategic action plan and a new social contract. Our new identity is the natural result of all this."
He added, "Our new name symbolises our conviction: nuclear power has a future, as it is a competitive, low-carbon [source of] energy that creates jobs. Orano has all it needs to play a key role in this. We have big ambitions for Orano, namely for it to become the leader in the production and recycling of nuclear materials, waste management, and dismantling within the next ten years. I have full confidence in our capacity to give nuclear energy its full value."
Researched and written
by World Nuclear News
