Areva To Cut Up To 1,500 Jobs In Germany

Areva cutting 1,500 jobs
Areva cutting 1,500 jobs

By Greg Keller

PARIS (AP) -- France's state-controlled nuclear giant Areva announced plans Tuesday to cut jobs and suspend projects around the world as part of a five-year turnaround plan, aimed at returning to profit after posting a massive financial loss in 2011.

Areva's new chief executive Luc Oursel told a meeting of financial analysts that Areva plans to cut up to 1,500 jobs in Germany and has suspended a controversial nuclear enrichment plant project in Idaho in the U.S. in a bid to offset losses this year that could reach euro1.6 billion ($2.12 billion).