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Westinghouse, Toshiba partner in nuclear business

| Friday, March 26, 2010

Westinghouse Electric Co. and its parent Toshiba Corp. formed a joint venture Thursday in the "nuclear front end business," or uranium fueling for electric utilities.

The venture, Advance Uranium Asset Management, will be based in the United Kingdom and enhance Toshiba's support services to utilities around the world. AUAM will help utilities source, finance and transport their nuclear plant fuel.

The joint venture will be 60 percent owned by Toshiba and 40 percent owned by Westinghouse.

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