Westinghouse Electric to Be Sold

[thackney]

Westinghouse Electric to Be Sold
http://www.power-eng.com/articles/2018/01/westinghouse-electric-to-be-sold.html
Jan 5, 2018

Westinghouse Electric, which fell into bankruptcy after losing billions on its nuclear business, has found a buyer, the Wall Street Journal reported.

Brookfield Business Partners, LP, a Canadian company, along with other industrial partners have reached a deal to buy the company’s assets for $4.6 billion.

Sources familiar with the deal said that while the buyer is looking to expand into servicing existing power plants and decommissioning retired nuclear plants, there is no plans to continue Westinghouse’s former nuclear construction division.

Westinghouse Electric, a division of Toshiba, filed for chapter 11 bankruptcy protection in March of last year due to $6 billion in losses from its nuclear division. Toshiba blamed the loss on an overestimation of projects at CB&I Stone & Webster, which Westinghouse acquired in 2015, and dwindling global demand for nuclear development....

@Joe Wooten

[Joe Wooten]

Westinghouse Electric to Be Sold
http://www.power-eng.com/articles/2018/01/westinghouse-electric-to-be-sold.html
Jan 5, 2018


Westinghouse Electric, which fell into bankruptcy after losing billions on its nuclear business, has found a buyer, the Wall Street Journal reported.

Brookfield Business Partners, LP, a Canadian company, along with other industrial partners have reached a deal to buy the company’s assets for $4.6 billion.

Sources familiar with the deal said that while the buyer is looking to expand into servicing existing power plants and decommissioning retired nuclear plants, there is no plans to continue Westinghouse’s former nuclear construction division.

Westinghouse Electric, a division of Toshiba, filed for chapter 11 bankruptcy protection in March of last year due to $6 billion in losses from its nuclear division. Toshiba blamed the loss on an overestimation of projects at CB&I Stone & Webster, which Westinghouse acquired in 2015, and dwindling global demand for nuclear development....

@Joe Wooten

My friends still working there told me last week. I bet that real estate company breaks up the company and sells off the pieces.

[IsailedawayfromFR]

What a tragic end for a truly historical legacy for a company.

130+ years old and now will be gone.

My old company Texaco went bankrupt once and was finally sold off and broken up after it celebrated its 100th anniversary.

It and Westinghouse's demise can be both traced to poor management decisions.

[Joe Wooten]

What a tragic end for a truly historical legacy for a company.

130+ years old and now will be gone.

My old company Texaco went bankrupt once and was finally sold off and broken up after it celebrated its 100th anniversary.

It and Westinghouse's demise can be both traced to poor management decisions.

Absolutely, and in Westinghouse's case, the string of bad decisions stretches back to the late 1980's.

[Joe Wooten]

The Westinghouse name will continue as several companies pay a royalty to CBS to use it for selling light bulbs and small appliances.

[IsailedawayfromFR]

The Westinghouse name will continue as several companies pay a royalty to CBS to use it for selling light bulbs and small appliances.

Yep, same thing for the occasional Texaco service station you find or Havoline oil.