Westinghouse Electric Co. said on Monday that U.S. regulators have approved its acquisition of CB&I Stone & Webster, CB&I's nuclear construction and integrated services unit.
“Today, we move forward as one team with expanded capabilities and renewed focus to innovate and deliver industry-leading technologies, products and solutions,” Danny Roderick, Westinghouse Electric’s president and CEO, said. “This acquisition not only supports Westinghouse’s strategic global growth framework, but also the vision we share with our customers that nuclear power matters to the future of clean energy around the world.”
This acquisition was initiated on Oct. 27, 2015. The completion of the transaction allows the newly acquired company to become WECTEC, a new Westinghouse subsidiary. As WECTEC, the company will continue to provide nuclear construction and integrated services, and will manage contracts associated with Westinghouse’s AP1000 nuclear reactors in the U.S., China and elsewhere. This new subsidiary also will offer full life-cycle support internationally.
"We are excited to welcome to the Westinghouse family our new WECTEC employees and customers joining us through this acquisition," David Durham, senior vice president of Westinghouse and president of WECTEC, said. "These personnel will play a key role expanding Westinghouse's project delivery and services capabilities, as well as our served markets, thereby helping drive revenue growth for Westinghouse and career opportunities for all Westinghouse staff."
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