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Toshiba in talks with U.S. firms to sell part of stake in Westinghouse

Fri, 12/27/2013 - 12:59pm
The Associated Press

TOKYO, Dec. 26 (Kyodo)— Toshiba Corp. is in talks with Bechtel Corp. and other American engineering companies to sell part of its stake in U.S. nuclear equipment-manufacturing unit Westinghouse Electric Co., sources close to the matter said Thursday.

Toshiba, which currently owns an 87 percent stake in Westinghouse, plans to keep more than 50 percent of the shareholdings so as to retain the management right. Other U.S. firms involved in the talks include U.S. engineering firm Chicago Bridge & Iron Co., the sources said.

Bechtel and Chicago Bridge both engage in building power stations and petrochemical plants.

The envisioned sale is part of Toshiba's efforts to restructure its business due to growing uncertainty over the nuclear business following the 2011 Fukushima nuclear disaster, which has prevented Toshiba and Westinghouse from winning new orders for nuclear power plants.

The company aims to reach an agreement by the end of next March.

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