- Sep 26, 2000
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http://news.yahoo.com/s/ap/20060206/ap_on_bi_ge/britain_toshiba_westinghouse
Japanese electronics maker Toshiba Corp. said Monday that it was buying nuclear plant builder Westinghouse Electric Co., the U.S.-based unit of the British government's British Nuclear Fuels PLC, for $5.4 billion.
Upon completion of the acquisition, Toshiba expects its nuclear power business to expand to three times the current level by 2015 as a result of operational and technological synergies, Toshiba said in a statement.
Toshiba expects to close the deal within six months and is not expecting regulatory troubles, Nishida said. Westinghouse will keep its headquarters in Pennsylvania, as well as its equipment, employees and trademarks, he said.
Mike Parker, chief executive of BNFL, said the agreement will give Westinghouse new export opportunities that will enable it to compete more effectively for new U.S. customers.
Toshiba, which makes electronic goods including DVD players, semiconductors, electric motors and power systems, is preparing for an expected surge of new investment in power plants in China, India and the U.S..
Westinghouse, which has built most of the nuclear reactors in the United States, is likely to design the plants and service them when they come online.
Oh goody. Well, at least the Chinese workers that Toshiba will employ in ten years will build our new nuclear plants cheaply.
Japanese electronics maker Toshiba Corp. said Monday that it was buying nuclear plant builder Westinghouse Electric Co., the U.S.-based unit of the British government's British Nuclear Fuels PLC, for $5.4 billion.
Upon completion of the acquisition, Toshiba expects its nuclear power business to expand to three times the current level by 2015 as a result of operational and technological synergies, Toshiba said in a statement.
Toshiba expects to close the deal within six months and is not expecting regulatory troubles, Nishida said. Westinghouse will keep its headquarters in Pennsylvania, as well as its equipment, employees and trademarks, he said.
Mike Parker, chief executive of BNFL, said the agreement will give Westinghouse new export opportunities that will enable it to compete more effectively for new U.S. customers.
Toshiba, which makes electronic goods including DVD players, semiconductors, electric motors and power systems, is preparing for an expected surge of new investment in power plants in China, India and the U.S..
Westinghouse, which has built most of the nuclear reactors in the United States, is likely to design the plants and service them when they come online.
Oh goody. Well, at least the Chinese workers that Toshiba will employ in ten years will build our new nuclear plants cheaply.
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