struggling westinghouse electric sold to brookfield for 46 bn
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

pending approval by a US bankruptcy court

Struggling Westinghouse Electric sold to Brookfield for $4.6 bn

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleStruggling Westinghouse Electric sold to Brookfield for $4.6 bn

Cost overruns
Georgia - Muslimchronicle

Financially-troubled Westinghouse Electric announced Thursday it agreed to be sold to Brookfield Business Partners for $4.6 billion, pending approval by a US bankruptcy court.

Westinghouse, owned by Japan's Toshiba since 2006, has faced deep losses due to its stalled nuclear business, including cancelled plants in South Carolina. As a result, the company filed for bankruptcy protection in March 2017.

Brookfield, which manages $265 billion in assets and specializes in infrastructure, energy and real estate, said it would take on about $3 billion in long-term debt to finance the transaction.

Westinghouse had been hailed by Toshiba as a major growth engine because of its nuclear energy technology.

But an expected uptick in US nuclear power has been hindered by competition from cheap natural gas, and cost overruns at Westinghouse's nuclear construction projects in South Caroline and Georgia.

Toshiba announced in November it would raise $5.3 billion by issuing new shares. But the parent company has been on the ropes due to billions of dollars of losses at Westinghouse prior to its bankruptcy.

"Brookfield's acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry," said Westinghouse chief executive Jose Emeterio Gutierrez.

"Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees."

Brookfield Business Partners chief executive Cyrus Madon praised Westinghouse as "a leader in its field, with a long-term customer base and a reputation for innovation."

The acquisition is expected to close in the third quarter, subject to bankruptcy court approval, Westinghouse said.

"We look forward to bringing our significant expertise and reputation as a long-term owner and operator of critical infrastructure in the US and globally ... to enhance the Company's position as a leading global infrastructure services provider to the power generation industry," Madon added.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

struggling westinghouse electric sold to brookfield for 46 bn struggling westinghouse electric sold to brookfield for 46 bn

 



Themuslimchronicle, themuslimchronicle

GMT 11:36 2018 Thursday ,04 January

Mountain bike world champ seriously hurt in car crash

GMT 12:47 2016 Saturday ,24 September

How to save endangered species

GMT 12:08 2011 Tuesday ,22 November

Mini Éclairs

GMT 11:17 2017 Thursday ,16 November

UN warns fuel running out

GMT 09:11 2017 Monday ,25 September

German campaign takeaways and challenges

GMT 22:02 2017 Tuesday ,19 September

Tariq Yahia says his team is ready

GMT 22:17 2017 Sunday ,01 January

Israeli forces nab 6 Palestinians in WB

GMT 11:08 2017 Thursday ,14 September

New Zealand opposition looks

GMT 19:26 2014 Tuesday ,30 December

Bahrain to implement several development projects

GMT 17:08 2016 Friday ,18 November

South Korea blocks Google export of map data

GMT 13:34 2012 Thursday ,16 February

Q&A: Tuition fees

GMT 04:08 2011 Thursday ,06 October

US dominates university global rankings

GMT 14:15 2013 Thursday ,07 March

The £599 anti-ageing cream formulated by NASA

GMT 16:15 2011 Sunday ,11 December

Iran starts exams for nanotechnology teachers

GMT 07:13 2015 Tuesday ,14 April

Nokia: It is in talks to buy all of Alcatel-Lucent

GMT 13:19 2012 Monday ,12 March

I\'m grateful to Al-Haya

GMT 14:09 2011 Tuesday ,19 April

US urges Pakistan to continue economic reforms

GMT 09:32 2016 Wednesday ,07 December

Injured Rose was '50-50' for HK Open defence
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle