French nuclear company Areva on Thursday announced that it would significantly reduce its labour force, only weeks after registering billions in losses during 2014.

Areva_Logo.svgThe majority state-owned company said in a statement that it would cut 15 per cent of labour costs in France and 18 per cent internationally. A spokesman for the company said that would mean cuts of 5,000-6,000 jobs globally, including 3,000-4,000 jobs in France.

“The economic situation of the company requires taking immediate cost saving measures of one billion euros by 2017,” Areva said in a statement, adding that the cuts were part of a cost-saving plan presented in March. It said it would begin negotiations with labour unions in May, and that the company would seek voluntary downsizing.

In April, Areva announced 4.8 billion euros (5.46 billion dollars) in losses. The company attributed the losses to a long-delayed and problematic reactor being built at the Olkiluoto plant in Finland as well as unprofitable renewable energy contracts.

France currently gets 75 per cent of its electricity from its 58 nuclear reactors, 13 per cent from hydropower and 4 per cent from solar and wind.

GNA

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