Cameco partnering with Brookfield Renewables in $4.5 billion acquisition of one of the world's largest nuclear services businesses.
It seemed CEO Tim Gitzel had been longing to deliver those words for quite some time as he held a media conference on Wednesday at the company’s Saskatoon headquarters.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Westinghouse is involved in servicing more than half the nuclear reactors on Earth, including Canada’s well-known CANDU heavy water reactors and the eVinci micro reactor, the latter of which is set to beby the Saskatchewan Research Council after an agreement was signed earlier this year. The Westinghouse deal is the kind of acquisition that would have been difficult to imagine for Cameco a few years ago, as the global nuclear industry was mired in a lost decade after the Fukushima nuclear disaster of 2011. The dismal market conditions culminated for Cameco in 2018, when Gitzel had to announceThe company announced earlier this year that it would
Although he said early stages of talks with Brookfield and Westinghouse were underway prior to Russia’s invasion of Ukraine, Gitzel’s tone turned from triumphant to sombre as he acknowledged the war in Europe has also “changed the landscape” of the global nuclear industry, pointing to a trip he took this year to Czechia where he said it became clear there is now a “bifurcation” of the market between countries willing to do business with Russia, and those that aren’t.
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