PITTSBURGH, July 24, 2016 – In October, 2015, Westinghouse entered into a Purchase Agreement with Chicago Bridge & Iron Company N.V. (CB&I) for the acquisition of CB&I Stone & Webster Inc., CB&I’s nuclear construction and integrated services businesses by Westinghouse. On July 21, 2016, CB&I initiated a legal proceeding against Westinghouse in Delaware Chancery Court with respect to the post-closing reconciliation process.
Today Westinghouse Senior Vice President and General Counsel Michael Sweeney issued the following statement in response to the legal proceeding brought by CB&I.
"Over the course of the past several months the two parties have been faithfully following the process explicitly set out in the Purchase Agreement between them. It is therefore troubling that CB&I, after agreeing to and actively participating in that process, is seeking to disrupt it. Nevertheless, we are confident that the transaction will be fully concluded in accordance with the Parties Purchase Agreement.”