Westinghouse said the deal is still a subject to customary closing conditions and regulatory approvals. No financial details around the deal have been disclosed.
In a separate statement, Rolls-Royce said the sale comprises civil nuclear services businesses in the US and Canada along with sites at Mondragon, France, and Gateshead, UK, which are currently part of our Power Systems business unit.
Rolls-Royce said the deal does not include the instrumentation and controls business based in Grenoble, France, and the UK nuclear new build operations or small modular reactor activities.
Patrick Fragman, president and chief executive officer of Westinghouse, said the acquisition is an important step in the company’s growth strategy.
According to Westinghouse, the acquisition of Rolls-Royce’s businesses is expected to expand Westinghouse’s operating plant services capabilities and boost the company’s digital innovation, among others.
Rolls-Royce operates 11 sites in Canada, France, the United Kingdom and the United States, Westinghouse said.
Rolls-Royce has been working in the nuclear sector for over 50 years. In the civil nuclear sector, the company provides site services as well as modern plant automation and monitoring solutions that it claims are able to give the user ‘millisecond accuracy’ for decision making.
Civil nuclear formed 5% of Rolls-Royce’s power systems business in 2018 according to the company’s annual report, accounting for just over £174m of power systems’ nearly £3.5bn underlying revenue, helping the sector have an operating profit of £317m.
