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Canberra Sold to French Firm
No relo or layoffs seen for former PBSC unit
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Business New Haven
12/11/2000
By: BNH
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Canberra Industries, which makes equipment to detect and monitor radioactivity, has been sold to a French nuclear company for $170 million.
Canberra's parent company, the Meriden-based Packard BioScience Co., said November 29 it would use proceeds of the sale to develop biotechnology products and services as well as pay down debt.
The buyer, Cogema Group, is owned in part by the French government. Cogema owns uranium mines, provides uranium enrichment and recycles spent nuclear fuel rods. The company also designs and decommissions nuclear power plants and research laboratories.
Cogema had no plans to relocate Canberra from its Meriden headquarters or reduce the workforce, said Christian Petit, president and chief operating officer of Cogema's nuclear-measurement unit. About 350 Canberra employees work in Meriden.
Petit will head the new unit created by the Canberra acquisition. Canberra president George Serrano will report to Petit. Canberra founder Emery G. Olcott will serve as a director of the new company.
Canberra has worked on the decommissioning of the U.S. Department of Energy's nuclear weapons and uranium enrichment facility in Tennessee and the cleanup of the Rocky Flats nuclear weapons plant in Colorado.
Completion of the sale is expected to take about three months.
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