Westinghouse to Maintain Close Ties to Shaw Group In Collaborative Effort to Supply Nuclear Power Plants In China and United States

PITTSBURGH, Sept. 6, 2011 /PRNewswire/ -- Westinghouse Electric Company today said that the acquisition of Shaw Group's 20 percent ownership stake in Westinghouse by its current majority owner Toshiba Corporation would have no impact on any of the four AP1000® nuclear power plants currently under construction in China or the six under contract in the United States.

"Westinghouse and Shaw Group will continue to be consortium team members in the deployment and commercialization of the AP1000® units currently under construction in Sanmen and Haiyang, China, as well as those under contract for construction in Georgia, South Carolina and Florida," said Dr. Aris S. Candris, President and CEO of Westinghouse. "We will also continue to work with Shaw Group on an active joint bid for a new plant project in the United Kingdom. We believe the experience acquired through our work in China will help further ensure the timely construction and operation of AP1000® units under contract in the United States and help to secure our joint bid in the United Kingdom."

The four plants in China currently under construction are scheduled to become operational beginning in 2013, with major nuclear components scheduled for installation this year.  Extensive site preparation and pre-construction work is also well underway for two AP1000® units at each of the Southern Nuclear Operating Company's Vogtle site in Georgia and SCANA's Summer site in South Carolina.  Westinghouse and Shaw Group are also under contract to provide two AP1000® units for Progress Energy in Levy County, Fla.

"Westinghouse continues to believe that the future of the nuclear energy industry is robust, and that a significant number of additional new construction projects around the world will be announced over the next few years." Dr. Candris said. "To further ensure that we are able to maintain our leadership role in the successful deployment of new plants, and to fulfill the expectations of our customers and other stakeholders, we will continue to identify additional partners and suppliers, including local construction companies with which we can partner while maintaining our collaborative relationship with the Power Group at Shaw to capture and share best practices."

The acquisition of Shaw's stake in Westinghouse by Toshiba increases Toshiba's ownership position to 87 percent.  The action is prompted by Shaw's decision to exercise its put option to sell its stake in Westinghouse to Toshiba, based on the contractual terms between Shaw and Toshiba. Kazatamprom and IHI hold 10 percent and three percent stakes in Westinghouse, respectively.

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world.  Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa.  Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.

SOURCE Westinghouse Electric Company