Nuclear group sells commercial arm
A major slice of the country's nuclear expertise is to transfer into private hands after the UK Atomic Energy Authority (UKAEA) today announced the £50 million sale of its commercial arm.
The authority has agreed the sale of the entirety of its wholly-owned business UKAEA Limited to defence and energy support services firm Babcock International.
UKAEA, which employs around 230 people, oversees nuclear clean-up work at three sites in the UK and offers consultancy services in international markets.
Lord Mandelson, Secretary of State for Business, said: "Today's announcement is good news for UKAEA Limited and its employees.
"The sale will allow the company, as part of Babcock International, to continue its development and take advantage of new opportunities in the nuclear industry.
"It also generates good value for the taxpayer."
The sale of UKAEA is the first of its kind under a Government efficiency programme and follows a decision by the authority to build up its commercial arm to a point at which it could operate independently.
In a statement, the Department for Business Innovation and Skills said selling the business would "help to reinforce the UK's strong heritage in the nuclear industry and provide a platform for the further development of skills in this important marketplace".
The UKAEA sell-off has attracted criticism from the Conservatives, who questioned its timing and raised fears that it could be motivated from a short-term need to boost the battered public finances during the recession.
Today the chairman of the UKAEA, Lady Judge, said the organisation was "delighted" with the sale.
"The new ownership structure will help give UKAEA Limited greater commercial focus on its operations, allowing it to capitalise on its core skills, strong track record and brand and I am confident that it will continue its growth in the UK and internationally under Babcock International's ownership," she said.
UKAEA is handling decommissioning work for the Nuclear Decommissioning Agency at Dounreay in Scotland, Winfrith in Dorset, and Harwell in Oxfordshire. It also has offices in Warrington and Cumbria.
The sale, which follows a strategic review performed by the UK Atomic Energy Authority following the Energy Act 2004, is expected to be completed by the end of this year.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Why this father didn’t hide his daughter’s heroin overdose in her obituary
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 The most powerful passports in the world
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Smartphones are making children borderline autistic, says psychiatrist
Nepal earthquake: The race is on to help thousands trapped under rubble around Kathmandu, while remote villages face a long wait for help
Royal baby: Live updates as superbug closes ward at St Mary's Hospital where Duchess of Cambridge is due to give birth
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...