The nuclear operations of Framatome and Siemens have finalised their merger agreement to form Framatome ANP. The combined company, with sales of $3 billion and 13,000 employees, will become a subsidiary of the new holding company TOPCO, to be set up in a few months.

The initial agreement, in which Framatome has a 66% stake in the new company and Siemens a 34% stake, was signed in July 2000. Following anti-trust reviews in the USA and the European Union, the closing documents were signed by Philippe Pontet, president of the Framatome group, and Norbert König, vice-president of Siemens Power Generation at the end of January.

Over 90 reactors in 11 countries providing almost 30% of the world’s nuclear-powered electricity have been built by the combined operations.

Philippe Pontet commented: “Framatome ANP intends to play a major part in the expected renaissance of the world nuclear energy market due to rapidly growing electricity requirements. Two billion people are still without electricity in the world and the need exists to produce energy which does not harm the environment and which remains cost-effective as markets open up.” President of Framatome ANP Dominique Vignon added: “The new company also intends to strengthen its position in the United States – where the consequences of deregulation have made nuclear energy a more appealing economic option – and in Asia which is increasing its nuclear energy capacity.

The Framatome ANP headquarters in Paris is operational immediately, with retroactive effect as of January 1, 2001.