Toshiba Corporation declared that it has entered into an agreement with British Nuclear Fuels plc, under which Toshiba will acquire BNFL USA Group Inc. and Westinghouse Electric UK Limited (collectively Westinghouse hereafter).
Atsutoshi Nishida, president and CEO of Toshiba, said, "It is with pride and pleasure that we will start to work with Westinghouse. With Westinghouse, Toshiba will be a global nuclear power business organization committed to delivering world-class nuclear power generation systems and services, backed up by proven technology, reliability and superb efficiency."
Mike Parker, chief executive of BNFL, stated, "We are delighted to have reached this agreement with Toshiba. It represents a truly opportunity for both companies. This partnership will provide Westinghouse with a truly global platform with new export opportunities that will enable us to compete more effectively for new U.S. customers. BNFL carefully considered which company would be the best for Westinghouse's business and is confident that Toshiba is the best choice."
Steve Tritch, president and CEO of Westinghouse Electric Company, explained, "This is excellent news because Toshiba has made it clear that they intend to invest in Westinghouse during this time of growing commercial nuclear power industry. Based on my personal interactions with Toshiba executives as part of the sale process, I believe they will be very good owners for our business."
Toshiba
