French nuclear company New AREVA officially has a new name as of Tuesday: Orano.
Orano is the result of a corporate restructuring AREVA initiated in 2016 that late last year resulted in French utility EDF buying the majority stake of the company’s nuclear power business. What was left was almost entirely held by New AREVA, now Orano: nuclear materials development and waste management, encompassing mining, conversion-enrichment, used fuel recycling, nuclear logistics, dismantlement, and engineering.
That covers the U.S. subsidiary formed in early 2017 as AREVA Nuclear Materials, a spokesman confirmed Tuesday. The company does business in the United States in nuclear decommissioning and dismantlement, nuclear fuel and radioactive waste management, and environmental management, among other services, for government and commercial customers.
The rebranding does not feature “any other organizational or structural changes,” according to the AREVA Nuclear Materials spokesman.
Orano encompasses 16,000 workers and $4 billion euros ($5 billion) in revenue, a company press release says. It also has nearly 3 billion euros ($3.7 billion) of net debt, Reuters reported.
During a presentation Tuesday in Paris, Orano CEO Philippe Knoche acknowledged the challenges facing the company in the face of the 80-percent drop in uranium prices over the last 10 years as nuclear power fell out of favor globally, Reuters reported. But he said the company intends to reach cash-flow positive status and anticipates growth in the Asian nuclear sector – where negotiations on the sale of nuclear fuel reprocessing facility technology to China are “accelerating.”
“Orano symbolizes a new start. A new start that has been under preparation for several years now,” Knoche said in the release. “We have set up a new organizational 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.”
The company’s name is derived from the Greek god Ouranous, known to ancient Romans as Uranus, whose name was used in creating the word uranium.
