Lancashire's Westinghouse Electric Company vow to grow business

The new owners of Lancashire's nuclear fuel plant have promised to strengthen the business.

Friday, 3rd August 2018, 11:56 am
Updated Friday, 3rd August 2018, 12:03 pm
The Springfields plant at Salwick

Westinghouse Electric Company has completed its previously announced £3.5bn sale to Brookfield Business Partners L.P.

Westinghouse runs the Springfields factory at Salwick which produces fuel for reactors at power stations.

The future of the business had been under something of a cloud after parent Toshiba got into financial trouble last year.

Sign up to our daily newsletter

The i newsletter cut through the noise

Now the sale to Brookfield has completed.

Westinghouse President and CEO José Emeterio Gutiérrez said: “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.

“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,”

Westinghouse Electric Company is the world’s pioneering nuclear energy company.

It is a leading supplier of nuclear plant products and technologies to utilities throughout the world.

Westinghouse supplied the world’s first commercial pressurized water reactor in 1957.

Today, Westinghouse technology is the basis for approximately one-half of the world’s operating nuclear plants.

The effect of the deal on the Westinghouse business in the UK is yet to become clear.

But Brookfield has a track record of investing in and developing “long-life, high quality assets.”

No announcements have been made to staff about changes.

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.

It is listed on the New York and Toronto stock exchanges.