Toshiba Completes Westinghouse Acquisition Deal
Hello folks, Chip here with a bit of early morning news. And remember you read it here first; Toshiba now owns the Westinghouse Electric Company.
From the Company Website:
TOKYO–Toshiba Corporation today announced its acquisition of BNFL USA Group Inc. and Westinghouse UK Limited (collectively Westinghouse), following completion of the final arrangements with British Nuclear Fuels Limited on October 16, US Eastern Standard Time. Westinghouse Electric Company is now a Toshiba Corporation consolidated group company. (http://www.toshiba.co.jp/about/press/2006_10/pr1702.htm)
The press release from Toshiba claims that the management structure and headquarters will remain in Pennsylvania. Toshiba has now positioned itself to be a premier player in the Nuclear Reactor Industry with the world renewing its interest in Nuclear Energy amidst the current World Oil Instability of recent years.
Toshiba now has 4 seats on the 7 seat Board of Directors and owns 77% of Westinghouse Electric Stock.
You can also read Westinghouse Electric’s press release from their website (Westinghouse Website)
Established in 1884 in Monroeville, Pennsylvania, the Westinghouse Electric Company was one of the nation’s first energy companies and pioneered the way for the electrification of the Western World.
Filed under: Misc Gadgets, Announcements, Legal
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