The saga of Westinghouse Electric Company's disruptive bankruptcy is over with the sale of the company from Japanese owner Toshiba to the Brookfield Business Partners investment group completed earlier this week.
The final step in transferring the company to Brookfield was the closing on Toshiba Nuclear Energy Holding, United Kingdom, which was completed this week. That holding represents all of Westinghouse's overseas operations. The sale of Toshiba Nuclear Energy Holding, United States, had already been completed previously, the World Nuclear News said.
Brookfield purchased the company for $4.6 billion. The sale was originally announced January 4 of this year. The sale was approved in bankruptcy court in March, a year after bankruptcy was declared.
The purchase approval included approval of Westinghouse's restructuring plan. Westinghouse Chief Executive Officer Jose Emeterio Gutierrez summed up the restructuring briefly, noting “With support of Brookfield, Westinghouse will continue to build its legacy of leading the nuclear industry. Our focus is on strengthening the business, capitalizing on our global footprint and excelling in client service and innovation.” The company earlier said it would back away from turnkey construction and concentrate on component manufacturing and services.
The bankruptcy left a stunning impact on the U.S. nuclear power industry, having a direct influence on the decision to close down the V.C. Summer two-unit AP1000 construction project in South Carolina. Georgia Power and partners, owners of an identical two-AP-1000 unit project at Plant Vogtle in Georgia, elected to soldier on with completion of that expansion project.
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