Westinghouse emerges from bankuptcy on Brookefield deal
PENNSYLVANIA, August 4, 2018
Westinghouse Electric Company, the global leader in nuclear technology, fuels and services, said it has emerged from Chapter 11 bankruptcy following the company's sale to US-based Brookfield Business Partners, a business services and industrials company, for $4.6 billion.
A publicly-traded arm of Brookfield Asset Management, the company announced that it had acquired 100 per cent of the Cranberry Township-based Westinghouse in a deal that had been announced on January 4.
The purchase price for Westinghouse totalled $4.6 billion, including $3.8 billion for creditors and then $770 million of Westinghouse liabilities.
A major player in the region, Brookfield has about $285 billion of assets under management, more than half in the US.
Announced on January 4, 2018, the transaction was closed and became effective today (August 4).
"The close of this transaction marks an exciting milestone for Westinghouse as we have successfully emerged from Chapter 11, and continue to navigate a significant transformation that positions us for long-term sustainable success," remarked its President & CEO José Emeterio Gutiérrez.
"With the support of Brookfield, Westinghouse will continue to build on its legacy of leading the nuclear industry. Our focus is on strengthening the business, capitalizing on our global footprint and excelling in client service and innovation," he stated.
Westinghouse Electric Company is the world's pioneering nuclear energy company and a key supplier of nuclear plant products and technologies to utilities across the globe. The company had supplied the world's first commercial pressurized water reactor in 1957 in Shippingport, Pennsylvania, US.
Westinghouse technology, today, is the basis for approximately one-half of the world's operating nuclear plants.
Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges.-TradeArabia News Service
