Shaw nuclear subsidiary to sell investment in Westinghouse back to Toshiba – Constructors remain committed to nuclear power

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The Shaw Group Inc. (NYSE:SHAW) announced its special purpose subsidiary, Nuclear Energy Holdings L.L.C., intends to exercise put options to sell its investment in Westinghouse back to Toshiba Corporation

While the sale of Nuclear Energy Holdings’ investment in Westinghouse terminates the formal contractual arrangement between Shaw and Toshiba, Shaw looks to continue the successful global cooperation that Shaw, Westinghouse and Toshiba have demonstrated.

 

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Shaw and Westinghouse currently are under contract for six new AP1000® nuclear power units in the US, as well as four units under construction in China.

In addition, Shaw has a contract for technical support services on an additional two-unit AP1000 project in China that follows the original units at Sanmen and Haiyang.

Shaw also expects to continue to work with Westinghouse on new AP1000 projects and with Toshiba on Advanced Boiling Water Reactor projects.

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“We firmly believe that exercising the put options is in the best interest of our shareholders and our future business opportunities. It will eliminate almost $1.7 billion of debt, further strengthening our balance sheet,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer. “Toshiba, Westinghouse and Shaw have worked together successfully both in the US and China, and we look forward to continuing to work together. We remain committed to our role as a premier constructor of nuclear power plants.”

Source: www.pennenergy.com, via Fukushima Daiichi Nuclear News
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