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Westinghouse's future unclear

The Westinghouse Electric Company facility in Cranberry Township.

CRANBERRY TWP — Government officials and Westinghouse employees looking for insight into the future of the Cranberry-based company might have to wait another month to get the definitive answers they were expecting on Monday night.

At 10 p.m. Monday, when Toshiba was expected to release its third quarter earnings report for 2016, it issued a news release saying it had applied for a one-month extension from Japanese regulators, citing auditing problems and an internal investigation into a Westinghouse-led acquisition of a nuclear construction and services business from Chicago Bridge and Iron in 2015.

Toshiba’s earnings report was a highly anticipated event in Butler County because of its potential impact on more than 2,200 jobs at Westinghouse’s headquarters in Cranberry Township.

The company is the township’s largest single employer, according to data kept by the township, but has been a troubled part of Toshiba’s portfolio since its acquisition in 2006 as part of Toshiba’s foray into the U.S. nuclear sector.

Ultimately Toshiba released unaudited third quarter numbers early this morning that exceeded the worst predictions about losses at Westinghouse. The company said it expected to book a $6.3 billion write-down to Westinghouse, which will drag Toshiba’s earnings into a net loss for the year and put the company $1.7 billion in the red for 2016.

That loss led to the resignation of Toshiba’s chairman.

At a meeting last week with county commissioners and members of the Butler Area and Pittsburgh North chambers of commerce, Cranberry Township manager Jerry Andree laid out in a presentation what the parties could do if Westinghouse were to ultimately leave its headquarters at Cranberry Woods business park, where the company currently occupies three buildings.

With Toshiba’s decision to delay its report, however, news of what might happen to Westinghouse has been delayed as well.

“There’s certainly a lot of uncertainty,” Andree said Tuesday morning. “It would be irresponsible for us in local government to put our heads in the sand.”

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