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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Areva, Mitsubishi announce nuclear fuel tie-up AFP - Tuesday, December 23 TOKYO (AFP) - - Japan's Mitsubishi Heavy Industries and France's Areva on Monday announced a capital tie-up in nuclear fuel production, predicting that the market for atomic energy will keep growing. The major French nuclear energy company will buy a 30 percent stake in Mitsubishi Nuclear Fuel Co., in which Mitsubishi Heavy will be the top shareholder with 35 percent stake, they said, confirming a Sunday press report. The tie-up will allow the nuclear reactor builders to expand fuel generation "amid the growing importance of nuclear power generation in the world against the backdrop of efforts to tackle global warming," a joint statement said. The new company will have some 550 employees and aims to earn 50 billion yen (602 million dollars) in sales in 2020, it said. Two other Mitsubishi group firms will also participate. Metal smelter Mitsubishi Materials Corp. and trading house Mitsubishi Corp. will hold a 30 percent stake and a five percent stake respectively. Nuclear power has been increasingly in favour both in wealthy and developing nations due to concerns over the environmental damage, costs and political effects of dependence on Middle Eastern oil. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Russia mulls subsidy for region's debt-Dep FinMinReuters - 23 minutes ago M&A fees fall 32 pct in 2008 as deals dieReuters - 25 minutes ago FACTBOX-Goldman top adviser for global M&A deals in 2008Reuters - 25 minutes ago WRAPUP 1-Global M&A falls in 2008, ends 5 years of growthReuters - 26 minutes ago Ukrainians protest financial crisisAP - 27 minutes ago Enlarge Photo Areva, Mitsubishi announce nuclear fuel tie-up Most Popular – Business Viewed OECD sees 25m jobs at risk as Toyota warns on profits Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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