Enrichment Technology Company Limited (ETC)
ETC is a joint venture company owned in equal share by URENCO and Areva. It has the exclusive responsibility for the development and manufacture of its world-leading centrifuge enrichment technology.
The core activities of ETC are:
- To develop, manufacture, supply and install gas centrifuges for the enrichment of uranium to fuel nuclear power plants;
- To design uranium enrichment plants using centrifuge technology and to provide project management services for the construction of such plants.
History
ETC was formed in October 2003 and has its head office in Marlow, UK. There are two subsidiaries, Enrichment Technology Nederland B.V. (ET NL) and Enrichment Technology UK Ltd. (ET UK), and an ETC branch in Germany, Enrichment Technology Company Ltd., Zweigniederlassung Deutschland (ETC D).
The Joint Venture was completed on the 3 July 2006. When Anne Lauvergeon, CEO of AREVA, and Helmut Engelbrecht, CEO of URENCO, signed an agreement to settle ETC (Enrichment Technology Company), the Joint Venture between AREVA and URENCO in the field of uranium enrichment centrifuge technology.
The Joint Venture gave AREVA a 50% equity stake in ETC.This collaboration was subject to competition clearance from the European Commission as well as intergovernmental agreements between the governments of Germany, the Netherlands, the United Kingdom and France.
Achievements in 2008
2008 was a successful year for ETC. The Company overcame the obstacles faced in 2007 (when increased customer demand posed challenges to manufacturing capabilities and its supply chain), and achieved record rates in manufacturing, assembly and installation of centrifuge technology on all URENCO’s sites and in France. Since the Centrifuge Assembly Building in the US was handed over to ET US (the US arm of ETC), good progress has been made on the preparation for centrifuge installation to support first production by the end of 2009. In addition, the expansion programmes at existing UEC plants in the UK and the Netherlands were accelerated as a result of the increased availability of centrifuges manufactured by ETC.
The ETC order book increased during 2008 as new supply contracts were agreed, representing significant amounts of new enrichment capacity to be delivered to customers during the coming years.
ETC’s business strategy is driven by the demands from its customers for increased enrichment capacity. Building on the high rates of production output achieved at the end of 2007, ETC has increased its yearly production rates compared to the previous year by 75%.
Driven by the ongoing demand for ETC’s services, the Company successfully achieved high levels of recruitment and training during 2008. At the end of the year employee numbers had increased to 1,636, an increase on 2007 of 25%.
The business performance in the year has achieved strong results with ETC Group turnover at €343 million (2007: €187 million) an increase of 83%, EBITDA doubled to €51 million (2007: €25 million) and net income increased to €16 million (2007: €4 million).
In 2009, customer requirements for enrichment capacity is forecast to continue to grow and ETC recognises not only the opportunities but also the challenges on resources and the future expansion necessary to meet these customer needs.
| Dr Pat C Upson, CBE |
Chief Executive |
| Mr Michael Smith |
Head of Legal & Company Secretary |