Westinghouse / Nuclear Company Emerges From Bankruptcy After Completion Of Sale To Brookfield

Westinghouse, which supplies nuclear plant products and technologies, has been sold to Brookfield WEC Holdings, a subsidiary of Brookfield, the Canadian-listed asset management company that in January 2018 agreed to buy Westinghouse from Toshiba for $4.6bn.

Westinghouse, formerly a wholly owned subsidiary of Toshiba, filed for bankruptcy in March 2017 after long delays and rising costs at the Vogtle and Summer AP1000 nuclear projects in the US, for which it was supplying its AP1000 reactor technology.

The company leading the Summer project, Scana of South Carolina, abandoned the development last year and later announced it had accepted a $14.6bn takeover bid from Dominion Energy.

The other project, Vogtle in Georgia, is still going ahead after state regulators gave their approval in December 2017.

Brookfield said in a statement earlier this year that Westinghouse had a strong market position as the largest service provider to nuclear power plants worldwide, earning the majority of its profits from long-term contracts.

It added: “An iconic American company, Westinghouse offers a full suite of specialised parts and components, many of which are licensed or patented, as well as industry-leading engineering and other services that enhance the safety, efficiency and reliability of its customers’ facilities.”