VanEck Vectors Uranium Plus Nuclear Energy ETF (NLR)

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Toshiba to take small chunk of Westinghouse for new business

http://powersource.post-gazette.com/powersource/companies-powersource/2014/12/06/Toshiba-to-take-small-chunk-of-Westinghouse-for-new-business/stories/201412060052

Toshiba Corp., the Tokyo-based parent of Westinghouse Electric Co. announced it will take a small chunk of the Cranberry-based nuclear firm and combine it with two other business segments to form a new company headquartered in North Carolina.

Toshiba America Energy Systems Corp. will start operating April 1, and will supply steam and turbine generators for thermal and nuclear power systems and renewable energy systems.

Besides Westinghouse, the two other companies contributing services to the new entity are Toshiba America Nuclear Energy Corp., which has a steam turbine and generator business for nuclear power systems, and Toshiba International Corp., which operates a thermal and hydropower segment.

Sheila Holt, a spokeswoman for Westinghouse, said fewer than five employees will be transferred from Cranberry as a result of the deal.

The departing service segment concerns less than 1 percent of Westinghouse’s revenue, she said, and revolves around the cleaning and inspection of turbine generators.

Major engineering work for steam and turbine generators will remain in house, she said.

“I look to [Toshiba America Energy Systems], in cooperation with [Westinghouse Electric Co.] to promote and expand our business in North America,” Shigenori Shiga, corporate executive vice president of Toshiba Corp. said in a statement.