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Toshiba completes acquisition of Westinghouse |
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| Toshiba completes acquisition of Westinghouse |
| 17-Oct-2006 |
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Toshiba Corporation has announced the completion of its acquisition of BNFL USA Group Inc and Westinghouse UK Limited (collectively Westinghouse), following completion of the final arrangements with British Nuclear Fuels Limited on 16 October. Westinghouse Electric Company is now a Toshiba Corporation consolidated group company.
The integration of Westinghouse into Toshiba, along with its extensive expertise in nuclear power generation and nuclear fuel and worldwide market presence, is of great significance in terms of taking Toshiba Group's energy systems business to the global level. The combination of Toshiba and Westinghouse's respective strengths, complementary technologies and businesses, will give Toshiba expertise in both boiling water reactors (BWR) and pressurised water reactors (PWR).
Toshiba established two holding companies in the US and the UK, Toshiba Nuclear Energy Holdings (US) Inc. and Toshiba Nuclear Energy Holdings (UK) Limited, to carry out the acquisition. Through these holding companies, Toshiba has acquired a 77% share of Westinghouse, giving Toshiba management control of the company. The remaining 23% is held by two strategic partner companies: the Shaw Group Inc of the USA with a 20% stake, while Japan's Ishikawajima-Harima Heavy Industries Co, Ltd. (IHI) invested in a 3% stake. Toshiba continues discussions with several potential partners.
Following the acquisition, Westinghouse will retain its operating autonomy and remain headquartered in Pennsylvania. By strengthening Westinghouse's operational structure to maximise synergy with Toshiba and its partners, Toshiba will seek to promote the expansion of Westinghouse's business. |
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