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6 February 2006 - British Nuclear Fuels (BNFL) and the Toshiba Corporation have signed a $5.4bn contract that will see the Japanese company assume ownership of Westinghouse Electric Company.
In a ceremony at the Dorchester Hotel in London, UK, BNFL Chief Executive Mike Parker and Toshiba Corporation President and CEO Atsutoshi Nishida signed a purchase and sale agreement, signalling Toshiba's satisfactory completion of due diligence and clearing the final hurdle for the sale before it is approved by government regulators.
"We are pleased to be able to enter into a contract that will secure the maximum return on the British taxpayers' investment and cement the continued leadership of Westinghouse in the nuclear energy field through the stewardship of the Toshiba Corporation," Parker said.
"We have completed our due diligence and are satisfied that this purchase is the right move for our business and our shareholders, as well as our employees and their new Westinghouse colleagues, whose outstanding performance will add solid value to our company," Nishida said.
US-based Westinghouse is headquartered in Monroeville, Pennsylvania. Toshiba has made clear that it believes the leadership and employees of Westinghouse are a key business asset and intends continue to rely on them into the future.
BNFL expects the sale to be finalized within approximately six months.
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