No nukes

AEA Technology has sold its Nuclear Science business at Windscale to British Nuclear Fuels (BNFL) for £9.7 million in cash. AEA will also pay BNFL the sum of £4.4 million over four years to process and dispose of the wastes associated with the business.

The Disposal forms part of AEA’s strategy to exit from the nuclear industry in the UK to focus on its core Rail and Environmental businesses. In June 2001, the Company sold its Nuclear Engineering business to Nukem Nuclear and in September 2001 sold its Nuclear Consulting business to Serco.

The Company is also on track to close its nuclear services operations in Harwell by end of March 2004.

The Nuclear Science business at Windscale recorded profits of £1.6 million with a turnover of £14.7 million in the year to 31 March 2003 and had net assets of £8.4 million. It employs 153 people at Windscale and 15 people at Harwell. The business provides scientific and consultancy services to support the nuclear operations of its customers, principally associated with the nuclear fuel cycle.

The net proceeds after transaction costs and pension payments will be used to reduce AEA’s net borrowings.

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