PITTSBURGH--(BUSINESS WIRE)--Westinghouse Electric Company, LLC signed a definitive agreement to acquire CB&I Stone & Webster Inc., the nuclear construction and integrated services businesses of CB&I. This deal supports Westinghouse’s strategic growth initiatives by expanding the company’s capacities across its global footprint.
Beyond the focus of today’s new-plant projects, the agreement will support Westinghouse’s growth in decontamination, decommissioning and remediation services; enhance the company’s major nuclear project management and environmental services offerings; and add to its extensive innovation-driven engineering expertise. All of these businesses will reside in a new Westinghouse subsidiary, which also will house a new government services business that is under development.
The transaction is subject to customary closing conditions and is expected to be completed by December 2015.
In addition to the professional technical employees who will join the new Westinghouse subsidiary as a result of the acquisition, Westinghouse will assume project operations and assets, including AP1000 plant project contracts in the U.S. and China; heavy cranes and equipment; and 11 facilities in the U.S. and Asia. Westinghouse is in negotiations with Fluor Corporation that, if successful, would result in Fluor hiring and managing the construction workforce on these two U.S. projects.
Westinghouse Electric Company is a global leader in the nuclear industry. Not only is Westinghouse the largest maker of nuclear fuel, Westinghouse technology is also the basis for approximately 50 percent of the world’s operating nuclear plants. This acquisition further strengthens Westinghouse’s global leadership position and moves the company’s nuclear innovation legacy to the next level.
“This acquisition supports our company’s strategic global growth framework, and expands our capabilities,” said Danny Roderick, Westinghouse Electric Company’s president and CEO. “As the industry leader in innovation, Westinghouse welcomes the CB&I Stone & Webster personnel. These highly skilled energy professionals will join us in being the first to innovate the next solution that will provide the clean, reliable nuclear energy the world needs.”
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. The Westinghouse nuclear business supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants. AP1000 is a trademark of Westinghouse Electric Company LLC. All rights reserved.