Westinghouse buys nuclear construction business
CRANBERRY TWP — The Westinghouse Electric Co. on Tuesday announced an agreement to buy CB & I Stone & Webster, the nuclear construction and integrated services businesses of CB & I.
Westinghouse said in a release the deal will help the company expand its capacities.
Beyond the focus of new-plant projects, the agreement will support Westinghouse’s growth in decontamination, decommissioning and remediation services of nuclear power plants; enhance the company’s nuclear project management and environmental services; and add to its engineering expertise.
All of these businesses will be in a new Westinghouse subsidiary, which also will include a new government services business that is under development.
The transaction is expected to be done by December, the release states.
In addition to the technical employees who will join the new Westinghouse subsidiary as a result of the acquisition, Westinghouse will assume project operations and assets, including AP1000 plant project contracts in the United States and China; heavy cranes and equipment; and 11 facilities in the U.S. and Asia.
