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Areva to cut 6000 jobs after big losses

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Areva to cut 6000 jobs after big losses

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France’s state-owned nuclear energy utility Areva is to shed 14% of its workforce or 6000 employees.

It is part of a drive to cut payroll costs by 18% internationally and make Areva profitable after four years of losses which have wiped out the company’s equity capital.

The company aims to present a restructuring plan by the time it publishes first-half results in July after making a 4.8 billion euro loss in 2014 on revenues of 8.3 billion.

Areva says it will also cut bonuses and other variable pay items, and negotiate with unions about working hours. Shares fell over 2% on the news.