Toshiba acquires Westinghouse

Toshiba Corporation has announced the completion of its acquisition of BNFL USA Group and Westinghouse UK (known collectively as Westinghouse) from British Nuclear Fuels Limited (BNFL). Westinghouse Electric Company is now a Toshiba Corporation consolidated group company.

In a statement, Toshiba said the acquisition would make it the world's leading nuclear power group, with a business range including both boiling water reactors (BWR) and pressurised water reactors (PWR).

Toshiba invested $4,158m to acquire a 77 per cent share of Westinghouse, giving Toshiba management control of the company. The remaining 23 per cent is held by two strategic partner companies; the US-based Shaw Group and Japan's Ishikawajima-Harima Heavy Industries.

Following the acquisition, Westinghouse will retain its operating autonomy and remain headquartered in Pennsylvania.