Westinghouse acquired for $4.6bn

Westinghouse Electric Company, the parent company of the Springfields, has been bought from Toshiba.

 

New York Stock Exchange-listed Brookfield Business Partners, of Canada, has paid $4.6bn for the entire global operation.

The deal includes Springfields near Preston, which produces fuel for nuclear power stations. The package includes debtors and debtors-in-possession and the assumption of certain pension, environmental and other operating obligations, but excludes cash.

The announcement should bring some stability to nuclear operations in the area. In February of last year, doubt had been cast over Toshiba's commitment to industry in the region due to struggling finances.

José Emeterio Gutiérrez, president and CEO of Westinghouse, said: "Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry. Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees.” The acquisition is expected to close in the third quarter of 2018, subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals.