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Hitachi will buy Horizon Nuclear
Source: Agencies |
October 31, 2012, Wednesday
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JAPAN'S Hitachi Ltd has agreed to buy British atomic power company Horizon Nuclear Power Ltd from its German owners for 696 million pounds (US$1.12 billion).
The companies announced the deal yesterday, ending months of uncertainty after the 50-50 owners of Horizon, RWE AG and E.ON AG, abandoned plans to build nuclear power plants in Britain.
RWE and E.ON set up Horizon Nuclear Power in late 2009, before the nuclear accident at Japan's Fukushima Dai-Ichi nuclear plant in March 2011 prompted many countries to re-examine plans to expand use of atomic power, and Germany to speed up phasing it out altogether.
Hitachi, Japan's largest electrical machinery manufacturer, said it will pursue plans to build new nuclear power stations at Wylfa in Wales and Oldbury-on-Severn in southwestern England. It plans to complete the deal next month.
Hitachi's nuclear business, which includes nuclear reactors, reactor pressure vessels, control equipment and related equipment and services, accounts for about a fifth of its total revenues, according to information posted on its website.
It has said it intends to continue to pursue sales in other countries even as Japan's own nuclear plants remain mostly offline following the accident in Fukushima.
Japan's major electrical power equipment companies appear committed to pursuing nuclear energy projects.
The companies announced the deal yesterday, ending months of uncertainty after the 50-50 owners of Horizon, RWE AG and E.ON AG, abandoned plans to build nuclear power plants in Britain.
RWE and E.ON set up Horizon Nuclear Power in late 2009, before the nuclear accident at Japan's Fukushima Dai-Ichi nuclear plant in March 2011 prompted many countries to re-examine plans to expand use of atomic power, and Germany to speed up phasing it out altogether.
Hitachi, Japan's largest electrical machinery manufacturer, said it will pursue plans to build new nuclear power stations at Wylfa in Wales and Oldbury-on-Severn in southwestern England. It plans to complete the deal next month.
Hitachi's nuclear business, which includes nuclear reactors, reactor pressure vessels, control equipment and related equipment and services, accounts for about a fifth of its total revenues, according to information posted on its website.
It has said it intends to continue to pursue sales in other countries even as Japan's own nuclear plants remain mostly offline following the accident in Fukushima.
Japan's major electrical power equipment companies appear committed to pursuing nuclear energy projects.
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