Nuclear group sells commercial arm
Friday 18 September 2009
Latest in Business News
On Facebook
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 Brazil rocked by abortion for 9-year-old rape victim
- 2 Osborne gets fingers burnt as pasty tax crumbles
- 3 News in pictures
- 4 Four Britons face death by firing squad after 'smuggling cocaine into Bali'
- 5 The 'suburban smuggler' facing death penalty in Indonesia
- 6 Vatileaks: Hunt is on to find Vatican moles
- 7 In pictures: The bewildering face of China
- 8 Help me decide future of press, Leveson asks Blair
- 9 Fire at one of world's most luxurious malls leaves 13 children dead
- 10 Hague sent packing by Russia as Annan peace plan crumbles
- 1 Robert Fisk: Clinton's $33m raid on Pakistan shows that, in the end, hypocrisy will win
- 2 Brazil rocked by abortion for 9-year-old rape victim
- 3 Robert Fisk: The West is horrified by children's slaughter now. Soon we'll forget
- 4 Sex in dressing rooms and Play School presenters 'stoned out of their minds' - inside BBC Television Centre
- 5 Fat? Really? Olympic hope laughs off official’s jibe – but others aren’t amused
- 6 Postgraduate students are being used as 'slave labour'
- 7 'Hello mum, this is going to be hard for you to read ...'
- 8 Coke reveals its secret: It may need to carry a cancer warning
- 9 French in uproar over oral sex anti-smoking posters
Experience the Heineken Hub
Get free wi-fi and exclusive i content while you enjoy a tasty pint of Heineken at participating pubs.
Can you imagine a career in teaching?
Be inspired to teach - let real teachers show you how rewarding the job can be.
Playing a game-changing role during the Games
Cisco is providing the solutions for London 2012's complex IT needs.
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
Career Services
Day In a Page
'I may be deaf, but you can still talk to me'



Comments