Germany’s Siemens has completed the acquisition of Westinghouse Power Generation from CBS Corp. The company will operate under the name of Siemens Westinghouse Power Corp.

The new company, which will continue to be based in Orlando, Florida, will incorporate the existing Fossil Division businesses of Siemens Power Corporation (SPC) in Milwaukee. SPC will continue to operate its nuclear business from Richland, Washington.

Randy Zwirn, former president of Westinghouse Power Generation, will be president and CEO of the new company and will be a member of the Management Board of Siemens’ Power Generation Group.

“This step is a strategic move of historic proportions,” said Adolf Huettl, president of the Power Generation Group of Siemens. The acquisition will substantially strengthen Siemens’ competitive position in the world market, particularly in the United States and China. Moreover, the move will increase by some $2 billion the annual sales volume of the company’s worldwide non-nuclear business to approximately $5 billion.