Westinghouse Electric Company
Westinghouse logo (designed by Paul Rand)
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| Private, licensee of Westinghouse Licensing Corporation (Westinghouse Electric Corporation) | |
| Industry | Nuclear Power Nuclear Fuel Radioactive Handling Inspection Welding |
| Predecessor | Westinghouse Electric Corporation |
| Founded | Monroeville, Pennsylvania, U.S. (1999) |
| Headquarters | Cranberry Township, Butler County, Pennsylvania, U.S. |
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Area served
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Worldwide |
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Key people
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George Westinghouse, (Corporate namesake; founder of the Original Westinghouse (1886)) Danny Roderick, President and Chief Executive Officer |
| Owner |
Toshiba (87%) (majority owner) Kazatomprom (10%) IHI (3%) |
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Number of employees
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14,500 |
| Subsidiaries | Astare CS Innovations Fauske & Associates Westinghouse Electric South Africa PaR Nuclear WEC Welding and Machining WesDyne International Westron |
| Website | westinghousenuclear |
Westinghouse Electric Company LLC is a US based nuclear power company founded in 1999 offering nuclear products and services to utilities internationally, including nuclear fuel, service and maintenance, instrumentation, control and design of nuclear power plants. As of 2014 Westinghouse builds and operates approximately one-half of the world's operating nuclear plants. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. Toshiba Group is the majority owner of Westinghouse.
Westinghouse Electric Company was formed in 1999 after the original company with that name, George Westinghouse's Westinghouse Electric founded in 1886, ceased to exist due to a series of divestitures and mergers through the mid-to-late 1990s. These included Westinghouse Electric's purchase of CBS in 1995, expansion into communications and broadcasting, and the selling off of most non-broadcast operations by 1998; renaming itself CBS Corporation.That same year, the Westinghouse Power Generation Business unit was sold to Siemens, AG of Germany. In 1999 CBS Corporation sold its nuclear business (Westinghouse Electric Company) to British Nuclear Fuels Limited (BNFL). and a year later CBS Corporation was merged into Viacom (1971-2005), thus putting an end to the original Westinghouse. (Legally, Westinghouse Electric Corporation still exists, mainly for the purpose of licensing, as a subsidiary of CBS Corp.)
In July 2005 BNFL confirmed it planned to sell Westinghouse, then estimated to be worth $1.8bn (£1bn). However, the bid attracted interest from several companies, including Toshiba, General Electric and Mitsubishi Heavy Industries. When the Financial Times reported on January 23, 2006 that Toshiba had won the bid, it valued the company's offer at $5bn (£2.8bn). On February 6, 2006 Toshiba confirmed it was buying Westinghouse Electric Company for $5.4bn and announced it would sell a minority stake to investors. The sale surprised many industry experts who questioned the wisdom of BNFL selling one of the world's largest producers of nuclear reactors shortly before the market for nuclear power was expected to grow substantially; China, the United States and the United Kingdom were all expected to invest heavily in nuclear power. Reasons in favor of a sale were: The commercial risk of the company's business in Asia may have been too high for a company then owned by taxpayers; if Westinghouse won the bid for any new nuclear stations in a UK competition, questions may be raised of favoritism, but if it lost, it might have been seen as a lack of faith in its own technology. Finally, the record of UK governments building nuclear plants had been a commercial disaster.
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Wikipedia