January 06, 2016

Westinghouse Acquisition of CB&I Division Approved; No MOX Impact

By ExchangeMonitor

The U.S. government has given approval for nuclear energy company Westinghouse Electric to buy CB&I Stone & Webster Inc. following an acquisition agreement the companies signed late October, Westinghouse announced this week. The global nuclear plant technology supplier created WECTEC, a subsidiary that will house the $229 million acquisition, CB&I’s nuclear construction business. WECTEC will continue project operations, which include nuclear power plant construction contracts in the U.S. and China, and nuclear engineering projects in the U.S., the company said.

The acquisition will not impact parent company CB&I’s participation in construction of the Mixed Oxide Fuel Fabrication Facility at the Savannah River Site in South Carolina, which is intended to convert surplus weapon-grade plutonium into fuel for commercial nuclear power plants, the company said. CB&I Areva MOX Services is the contractor in charge of the design and construction of the facility.

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