TribLIVE

| Home


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Toshiba raises stake in Westinghouse to 87%

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

By Staff and Wire Reports
Wednesday, Oct. 10, 2012, 12:38 p.m.
 

Toshiba Corp. said it will go ahead with a deal to raise its stake in nuclear power subsidiary Westinghouse Electric Co. despite uncertainty about the future of the technology in Japan after the nuclear disaster in Fukushima.

The Japanese electronics maker said Wednesday it will purchase another 20 percent stake from U.S.-based Shaw Group for $1.6 billion, raising Toshiba's ownership to 87 percent. Shaw paid $1.08 billion for its share of Westinghouse in 2006.

The deal with Shaw was announced in September 2011.

About 10 percent of Westinghouse is owned by Kazatamprom, a state-owned uranium company in Kazakhstan, which acquired its stake from Toshiba in 2007. Another Japanese company, Ishikawajima-Harima Heavy Industries Co., a heavy-machine maker, owns a 3 percent share of Westinghouse, which it acquired for about $160 million in 2006.

Westinghouse is under contract to supply four nuclear reactors in the United States and four in China, and is talking with potential partners to expand its business.

Westinghouse designed 62 of the 104 nuclear reactors in the United States and roughly 45 percent of the world's 440 nuclear reactors. The company employs about 14,000 people, including about 6,000 in Western Pennsylvania, mostly at its headquarters in Cranberry.

Toshiba acquired control of Westinghouse in 2006 from British Nuclear Fuels plc in a $4.2 billion deal. BNFL acquired Westinghouse in 1999 for $1.2 billion from CBS Corp.

Public worries about atomic energy surged in Japan after the tsunami last year set off multiple meltdowns at Fukushima Daiichi nuclear power plant.

None of those reactors were supplied by Westinghouse.

All of Japan's reactors were put offline, but two were brought back earlier this year. The Japanese government is targeting a phase-out of nuclear power by 2040.

The Associated Press contributed to this report.

 

 
 


Show commenting policy

Most-Read Stories

  1. Icy roads cause accidents, slow traffic across Western Pa.
  2. Stakes high as ex-Saints receiver Moore faces his former team
  3. Steelers notebook: Injury to RT Gilbert opens door for Adams to start
  4. Penguins GM prepares for emotional series against Carolina
  5. Steelers’ backups Archer, Harris ready to run
  6. Seven Springs, Hidden Valley ski resorts open today
  7. Penguins notebook: Winning home games crucial for Penguins
  8. No federal funds to help enforce Pa. ban on texting by drivers
  9. Police identify driver in North Side crash that killed pregnant woman
  10. Pitt receiver Boyd continues to grow on and off the field
  11. 7 hurt in buggy, SUV crash in Pennsylvania Dutch country
Subscribe today! Click here for our subscription offers.