U.S. nuclear power giant Westinghouse Electric said Tuesday that it would strategically acquire CB&I Stone and Webster, the nuclear construction and integrated services business of CB&I, which is the name commonly applied to the Chicago Bridge and Iron Company.
Westinghouse said the deal would support its expansion in “strategic growth initiatives … across its global footprint.”
The deal would make CB&I Stone & Webster a subsidiary of Westinghouse, which is a subsidiary of Japan's Toshiba Corporation. The deal, which was announced without disclosure of the financial details, means Westinghouse would take over CB&I's project operations and assets, “including AP1000 plant project contracts in the United States and China.”
With the deal, Westinghouse purchases 11 CB&I facilities in the United States and Asia. The package includes CB&I's heavy cranes and equipment, as well.
Westinghouse said that it had entered into a definitive agreement with CB&I and that the deal would close by the end of the year.
In conjunction with the announcement, Westinghouse confirmed that it was in talks with Fluor Corporation on a deal that “if successful, would result in Fluor hiring and managing the construction workforce on these two U.S. projects,” referring to AP1000 nuclear build projects in Georgia and South Carolina. Fluor later confirmed that the deal had been struck.
Reuters reported that Fluor would manage “a significant portion” of the Unit 3 and 4 projects at the Vogtle Electric Generating Plant near Waynesboro, Ga., and the two new units at the V.C. Summer Nuclear Generating Station near Fairfield, S.C.