French and Japanese joint venture company, Framatome agreed with Schneider Electric's to buy its nuclear automation business on Thursday.
Both companies recently signed an asset purchase agreement that outlines the terms of the sale, which is expected to close before the end of the first quarter of 2018, according to Framatome.
'With this acquisition, we will provide long-term support for our customers' systems and serve as the original equipment manufacturer for their instrumentation and control upgrades and modernizations.' Gary Mignogna, president of Framatome was quoted as saying.
The acquisition expands Framatome's instrumentation and control offerings.
These systems are the central nervous system of a nuclear power plant allowing operators to control reactor operations, the company said.
More than 80 safety instrumentation and control systems have been installed by Framatome on 44 reactors in 17 countries across the world, and approximately 250 automation systems have been installed or are being installed by Schneider Electric.
French EDF group, Japanese Mitsubishi Heavy Industries and Assystem acquired nuclear energy company, Framatome, formerly known as New NP.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr