Westinghouse Electric takes over nuclear unit from CB&I

27 October 2015 (Last Updated October 27th, 2015 18:30)

Westinghouse Electric Company has signed a definitive agreement to acquire CB&I Stone & Webster, which is the nuclear construction and integrated services businesses under Chicago Bridge & Iron (CB&I).

Westinghouse Electric Company has signed a definitive agreement to acquire CB&I Stone & Webster, which is the nuclear construction and integrated services businesses under Chicago Bridge & Iron (CB&I).

The deal entitles Westinghouse to take over project operations and assets, including AP1000 plant project contracts under CB&I in the US and China, along with heavy cranes and equipment and 11 facilities in the US and Asia.

Financial details of the transaction, which is expected to close by December this year, have not been disclosed.

Following the acquisition, Westinghouse has selected Fluor to manage the construction of its two recently acquired AP1000 nuclear power reactor projects in the US states of Georgia and South Carolina.

"This acquisition supports our company’s strategic global growth framework, and expands our capabilities."

Fluor will be responsible for managing a significant portion of the construction of Vogtle Electric Generating Plant’s Units 3 and 4 near Waynesboro in Georgia, which is owned and operated by Southern Company.

The firm will also manage the setting up of two additional nuclear electric generating units at the VC Summer Nuclear Generating Station, located in Fairfield County, South Carolina and owned and operated by SCANA/Santee Cooper.

Fluor will be delivering project execution and direction, accountability for and management of professional staff and craft personnel at the two facilities, along with a focus on safety, quality and project delivery certainty.

The deal with Fluor will come into effect once Westinghouse closes the CB&I nuclear unit acquisition.

Westinghouse Electric Company is a group company of Japanese nuclear giant Toshiba.

Westinghouse Electric Company president and CEO Danny Roderick said: "This acquisition supports our company’s strategic global growth framework, and expands our capabilities."