French state-owned power company EDF SA has purchased Studsvik’s entire waste treatment operation, which includes sites in Sweden and the U.K., for about $44 million, the companies announced Wednesday.
Studsvik’s waste treatment business offers low-level radioactive waste processing services throughout Europe, and in 2015 produced roughly $21 million in revenue, according to a press release. The transaction includes Studsvik’s waste treatment assets and facilities near Nyköping, Sweden, and the company’s metal recycling facility near Workington, U.K.
As part of the deal, EDF and Studsvik will collaborate on nuclear decommissioning and waste management projects. The deal, subject to licenses and permit approvals, is expected to be finalized during the third quarter of this year “EDF, as a world leading French power company majority owned by the French Government, will develop the Waste Treatment business, and ensure that it will continue to play a critical role for Swedish and other nuclear operators in Europe,” the release says.
“(The deal) positions Studsvik for growth, building on a more stable and focused business platform,” Studsvik CEO Michael Mononen said in the statement. “We will continue develop our Fuel and Materials Technology, and Consultancy businesses, not only in our home markets of Sweden, UK, Germany, USA and Japan, where many of our customers are preparing to decommission, but also in growing nuclear markets in Asia and the Middle East. The transaction allows us to capitalize on our unique experience and capabilities and focus on delivering increased value for our customers and shareholders.”
