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Toshiba acquires BNFL USA Group

Posted: 20 Oct 2006     Print Version  Bookmark and Share

Keywords:Toshiba  British Nuclear Fuels Ltd  Westinghouse  BNFL  nuclear fuel 

Toshiba Corp. has announced that its acquisition of British Nuclear Fuels Ltd (BNFL) USA Group Inc. and Westinghouse UK Ltd, following completion of the final arrangements with BNFL on Oct. 16. Westinghouse Electric Company is now a Toshiba consolidated group company.

The integration of Westinghouse into Toshiba, along with its extensive expertise in nuclear power generation and nuclear fuel and worldwide market presence, is significant in terms of taking Toshiba Group's energy systems business to the global level. The combination of the companies' strengths, complementary technologies and businesses, is expected to position Toshiba as a leading nuclear power group, with an unrivaled business range extending to both BWR and PWR systems.

Toshiba established two holding companies in the United States and the United Kingdom—Toshiba Nuclear Energy Holdings Inc. and Toshiba Nuclear Energy Holdings Ltd —to carry out the acquisition. Through these holding companies, Toshiba has invested $4,158 million dollars in acquiring a 77 per cent share of Westinghouse, giving Toshiba management control. The remaining 23 per cent is held by two strategic partner companies—Shaw Group Inc. and Ishikawajima-Harima Heavy Industries Co. Ltd.

The company discussed capital participation with potential partners in terms of mutual understanding of long-term business strategy, a shared market vision, and complementary relations and maximised synergies in conducting business. Toshiba continues discussions with several potential partners.

Following the acquisition, Westinghouse will retain its operating autonomy and remain headquartered in Pennsylvania. By strengthening Westinghouse's operational structure to maximise synergy with Toshiba and its partners, the company will seek to promote the expansion of Westinghouse's business.

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