CRANBERRY TWP — Toshiba and Westinghouse Electric have announced a new joint venture, Advance Uranium Asset Management.

The venture will strengthen Toshiba Group's capabilities in the nuclear front end business segments and enhance the range of support services extended to utilities around the world, according to a Westinghouse news release.

AUAM, based in the United Kingdom, will undertake uranium related transactions in the front end of the nuclear fuel cycle. Toshiba owns 60 percent and Westinghouse owns 40 percent of AUAM.

Acting through the new joint venture, Toshiba will be instrumental in securing uranium supply for Japanese utilities, and will leverage this capability to support utility companies worldwide. In particular, this joint venture will allow Toshiba to initiate uranium transactions for its investment interests in Kazakhstan uranium mines.

Westinghouse is a supplier of new plant technology and related fuel products and services. The new joint venture allows Westinghouse to explore fuel technology with Toshiba's uranium interests to existing and new customers.

"By establishing Advance Uranium Asset Management, we are more closely aligning Toshiba and Westinghouse's activities in the front end business. This move will promote a full expansion of our combined potential in the front end of the fuel cycle and allows us to integrate the right resources to deliver our shared vision," said Aris Candris, president and chief executive officer of Westinghouse.

Westinghouse Electric is in the process of building its fourth building for its international headquarters in Cranberry Woods Business Park in Cranberry Township.