Areva shelves projects and plans 1,500 job cuts amid $1.6bn loss

Areva, the globe’s largest supplier of nuclear fuel and services, on Tuesday said it is to suspend building work at sites including Africa, the US and France.

The news comes a day after it announced it is expecting to post an operating loss of between $1.4 and $1.6bn this year.

The French company also unveiled plans of limiting its dividend payout to 25 percent of net profits for the next 24 months, according to CEO, Luc Oursel.

Areva will slash up to 1,500 jobs in Germany and has suspended a nuclear plant project in the US to help offset losses, Oursel unveiled in a statement.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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