Financially-troubled Westinghouse Electric announced Thursday it agreed to be sold to Brookfield Business Partners for $4.6 billion, pending approval by a US bankruptcy court.

Westinghouse, owned by Japan's Toshiba since 2006, has faced deep losses due to its stalled nuclear business, including cancelled plants in South Carolina. As a result, the company filed for bankruptcy protection in March 2017.

Brookfield, which manages $265 billion in assets and specializes in infrastructure, energy and real estate, said it would take on about $3 billion in long-term debt to finance the transaction.

Westinghouse had been hailed by Toshiba as a major growth engine because of its nuclear energy technology.

But an expected uptick in US nuclear power has been hindered by competition from cheap natural gas, and cost overruns at Westinghouse's nuclear construction projects in South Caroline and Georgia.

Toshiba announced in November it would raise $5.3 billion by issuing new shares. But the parent company has been on the ropes due to billions of dollars of losses at Westinghouse prior to its bankruptcy.

"Brookfield's acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry," said Westinghouse chief executive Jose Emeterio Gutierrez.

"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."

Brookfield Business Partners chief executive Cyrus Madon praised Westinghouse as "a leader in its field, with a long-term customer base and a reputation for innovation."

The acquisition is expected to close in the third quarter, subject to bankruptcy court approval, Westinghouse said.

"We look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the US and globally ... to enhance the Company's position as a leading global infrastructure services provider to the power generation industry," Madon added.

Tweet

New model considers an extra factor to improve our prediction of nuclear fission
Tokyo, Japan (SPX) Jan 02, 2018
For all of us working with electricity, radioactive waste containment, or hospitals, controlling radioactive processes and predicting their behaviors are key to making our world function safely. Let's look at electricity generation for a quick example of how fission works. In order to run the turbines of atomic power stations that will eventually bring us our light and internet connections ... read more

Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only