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Nuke Industry Joint Venture Investing $363M in Virginia

Areva, an international nuclear engineering company headquartered in France, and Northrup Grumman, a global defense and technology company, will partner and invest US$363.4 in a joint venture to establish a new company in Newport News, Virginia, according to the Virginia governor's office. Areva Newport News LLC will manufacture equipment and pressure vessels for the nuclear industry, and create at least 540 new production and engineering jobs. "We are establishing a world-class entity that fully supports the deployment of a fleet of U.S. Evolutionary Power Reactors made in America by Americans and for Americans," says Tom Christopher, Areva's CEO. "Here in Virginia, we have access to a great work force for both the manufacturing and engineering expertise we need." The companies considered sites in Alabama, Indiana, South Carolina, and Tennessee before settling on the Newport News area. The Newport News Daily Press reports that the joint venture will receive more than $23 million in financial incentives from the state and various local governments.

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