Toshiba named preferred bidder in Westinghouse sale

01/31/2006


Tokyo, JapanToshiba has confirmed that it has been selected by British Nuclear Fuels plc (BNFL) as the preferred bidder in the sale of Westinghouse Electric Co. The Japanese firm terms the move “an exciting opportunity that will enable the company to take advantage of a number of strategic opportunities in a sector which we believe has tremendous growth potential.”

Toshiba says it intends to retain Westinghouse’s U.S. identity and keep Pittsburgh the center of Westinghouse’s U.S. and European activities. Both Toshiba and BNFL cite benefits to the move. BNFL says it conducted a fair bidding process designed to ensure a level playing field and secure the best business result. The announcement comes after multiple rounds of bidding that began last fall. BNFL expects the sales contract to be signed in the near future and is recommending the bid for approval by the BNFL Group board.

 

However, the announcement prompted Standard & Poor ’s Ratings Services to place Toshiba’s “BBB” long-term and “A-2”short-term issuer credit and issue ratings on CreditWatch with negative implications, noting the investment burden of the acquisition could cause deterioration in the company's balance sheet. Terms of the proposed contract were not disclosed. However, BNFL acknowledged Toshiba as the highest bidder. Media reports have speculated the acquisition will cost Toshiba about $5 billion.

—Control Engineering Daily News Desk
Jeanine Katzel, senior editor, jkatzel@reedbusiness.com





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Controller programming; Safety networks; Enclosure design; Power quality; Safety integrity levels; Increasing process efficiency
Additive manufacturing benefits; HMI and sensor tips; System integrator advice; Innovations from the industry
Robotic safety, collaboration, standards; DCS migration tips; IT/OT convergence; 2017 Control Engineering Salary and Career Survey
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This article collection contains several articles on how automation and controls are helping human-machine interface (HMI) hardware and software advance.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Infrastructure for natural gas expansion; Artificial lift methods; Disruptive technology and fugitive gas emissions
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
click me