Westinghouse Electric Company and PaR Systems, Inc have signed a letter of intent calling for Westinghouse to purchase a controlling, 80 percent interest in PaR’s commercial Nuclear Equipment and Services Group.
Terms were not disclosed, but the acquisition is expected to be finalised no later than March 31.
PaR Systems, with headquarters in Minneapolis, is a provider of new equipment, upgrades and maintenance services for refuelling systems, reactor containment and spent fuel building cranes.
Steve Tritch, president and CEO of Westinghouse, said the union ofWestinghouse and PaR Nuclear will enable Westinghouse to assume an industry-leading position for both fuel and materials handling.
‘Westinghouse is fully committed to providing our customers with the broadest range of advanced technology and services,’ he said. ‘This acquisition will allow us to create value for our customers by establishing a single point of contact for all of their refuelling-related needs.
‘It will also broaden our outage scope to include in-containment material handling and maintenance and upgrades for containment polar cranes, important in that both of these are essential skills needed to perform world-class outages.’