Westinghouse Electric Co. LLC announced on Tuesday that they have signed a definitive agreement in order to acquire CB&I Stone & Webster Inc. from CB&I.
This acquisition represents the nuclear construction and integrated services operational business entities of CB&I. According to the announcement, the closing of this transaction is anticipated for December of this year. Once acquired, these businesses will operate under a Westinghouse subsidiary specializing in government services that is currently in development.
“This acquisition supports our company’s strategic global growth framework and expands our capabilities,” Danny Roderick, Westinghouse Electric Company’s president and CEO, said. “As the industry leader in innovation, Westinghouse welcomes the CB&I Stone & Webster personnel. These highly skilled energy professionals will join us in being the first to innovate the next solution that will provide the clean, reliable nuclear energy the world needs.”
A statement released by CB&I states that with this transaction, Westinghouse will be taking over all engineering, procurement, management and other projects and facilities established by CB&I Stone & Webster Inc. This includes construction activity at the Vogtle and V.C. Summer construction projects, in addition to multiple projects across China.
Westinghouse is currently negotiating with Fluor Corp. in hopes the latter will hire and manage the workforce for U.S. projects.
