Does Toshiba still own Westinghouse?

Japan’s Toshiba announced today that it has completed the sale to Brookfield of its shareholding in Toshiba Nuclear Energy Holdings (US) Inc – the indirect holding company of Westinghouse Electric Company.

What happened to Westinghouse Nuclear?

On March 24, 2017, parent company Toshiba announced that Westinghouse Electric Company would file for Chapter 11 bankruptcy because of US$9 billion of losses from nuclear reactor construction projects. Westinghouse filed for Chapter 11 bankruptcy protection on March 29, 2017.

Does Westinghouse make nuclear reactors?

Nuclear Components Manufacturing Westinghouse is one of the world’s leading producers of large components for nuclear power plants, complete with Manufacturing and Testing Capabilities for Reactor Vessel Internals, Control Rod Drive Mechanisms, Reactor Coolant Pumps and related products.

Why did Toshiba sell Westinghouse?

Toshiba acquired Westinghouse in 2006 for more than $5bn, but the prospects for nuclear power have dimmed, as oil and renewable energy costs decline and the Fukushima accident hurt the industry’s reputation. Cost overruns and other losses at two projects in the US led to the bankruptcy filing in 2017.

When did Toshiba consider selling the Westinghouse nuclear business?

Toshiba considered selling the Westinghouse nuclear business. On 29 March 2017, Toshiba’s Westinghouse filed for Chapter 11 bankruptcy, citing a yearly loss for Toshiba that could exceed $9 billion, almost three times its previous estimate.

Where is the Westinghouse nuclear power plant located?

Westinghouse owns a nuclear fuel fabrication plant at Västerås, Sweden which has provided nuclear fuel for Russian VVER-1000 nuclear reactors.

Who was the preferred bidder for Westinghouse nuclear power?

Toshiba was selected last month as the preferred bidder for Westinghouse, a top supplier of nuclear-plant technology and Chinese nuclear power, following multiple rounds of bidding over the past several months.

How long will it take Toshiba to close the Westinghouse deal?

Toshiba said in a statement on Monday that it expected to have several minority investors in Westinghouse but that it would retain a controlling stake of more than 51 percent. The deal is expected to be completed in about six months.