US-based Westinghouse Electric Company on 1 August announced the completion of its sale to Brookfield Business Partners together with institutional partners (collectively, Brookfield) by Japan’s Toshiba Corporation, and emergence from Chapter 11 bankruptcy as a reorganised company.
“With the support of Brookfield, Westinghouse will continue to build on its legacy of leading the nuclear industry,” the company said. “Our focus is on strengthening the business, capitalising on our global footprint and excelling in client service and innovation,” said Westinghouse president & CEO José Emeterio Gutiérrez.
Canadian-listed asset management company Brookfield agreed to buy Westinghouse from Toshiba for $4.6bn in January, after Westinghouse, filed for bankruptcy in March 2017. This followed long delays and cost overruns at the Vogtle and Summer nuclear plants in the USA, for which it was supplying AP1000 reactor technology. Scana of South Carolina abandoned the Summer projectin 2017 and later accepted a $14.6bn takeover bid from Dominion Energy. Construction at the Vogtle nuclear plant in Georgia, is still going ahead after state regulators approved the project in December 2017.
Westinghouse has changed hands several times since it was founded by George Westinghouse in Pittsburgh, Pennsylvania in 1886, changing its name to Westinghouse Electric Corporation in 1945. It purchased CBS in 1995 and became CBS Corporation in 1997. In 1998, CBS established a brand licensing subsidiary Westinghouse Licensing Corporation (Westinghouse Electric Corporation). Then the Power Generation Business Unit was sold to Germany’s Siemens, and in 1999 CBS sold its nuclear power businesses to British Nuclear Fuels Limited (BNFL). In 2006, BNFL sold Westinghouse to Toshiba.
Read more about the history of Westinghouse Electric Company in AC revolution to nuclear evolution published in the 60th anniversary edition of Nuclear Engineering International in April 2016