Toshiba plans to sell 16% stake in Westinghouse
By Thomas Olson
Published: Thursday, Dec. 27, 2012, 4:20 p.m.
Toshiba Corp., the Japanese conglomerate that controls Westinghouse Electric Co., is in talks with three parties to sell up to 16 percent of the nuclear power company. Such a deal would raise about $875 million for Toshiba, which in 2006 bought a 77 percent stake in the Cranberry-based company but lately has seen revenue from other Toshiba businesses fade.
President Norio Sasaki said Toshiba prefers to sell to a partner that would help Westinghouse sell deeper into key markets, such as China and India, according to the Wall Street Journal. Westinghouse employs about 6,000 in this area. Toshiba's stake in Westinghouse will rise to 87 percent on Jan. 4 when Shaw Group sells its 20 percent interest in the company to Toshiba.
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