PITTSBURGH, Jan. 4, 2016 - Westinghouse Electric Company today announced that the company received U.S. government approval Dec. 31, 2015, to complete the company's acquisition of CB&I Stone & Webster Inc., the nuclear construction and integrated services business of CB&I. Westinghouse announced on Oct. 27, 2015, that the company had signed a definitive agreement to acquire CB&I Stone & Webster Inc.
The acquisition supports Westinghouse's strategic growth initiatives by expanding the capabilities of the company's global footprint. The acquired business will reside within a newly created Westinghouse subsidiary called WECTEC, which will assume project operations and assets including AP1000 plant project contracts in the U.S. and China and other nuclear engineering and construction project contracts in the U.S.; 11 facilities in the U.S. and Asia; and heavy cranes and equipment.
"Today, we move forward as one team with expanded capabilities and renewed focus to innovate and deliver industry-leading technologies, products and solutions," Danny Roderick, Westinghouse Electric Company's president and chief executive officer. "This acquisition not only supports Westinghouse's strategic global growth framework, but also the vision we share with customers that nuclear power matters to the future of clean energy around the world."
WECTEC also will house several new service capabilities presently under development, including full life-cycle support for global projects, governments and staffing.
"We are excited to welcome to the Westinghouse family our new WECTEC employees and customers joining us through this acquisition," said David Durham, senior vice president of Westinghouse and president of WECTEC. "These personnel will play a key role expanding Westinghouse's project delivery and services capabilities, as well as our served markets, thereby helping drive revenue growth for Westinghouse and career opportunities for all Westinghouse staff."
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. Westinghouse supplied the world's first commercial 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.
