The Japanese group Toshiba has announced that it is considering the sale of nuclear reactor manufacturer and constructor Westinghouse, which it had bought in 2006 for €4.8bn.
Westinghouse is in charge of all AP1000 nuclear projects worldwide, including four in the United States (two units at VC Summer in South Carolina and two at Vogtle, in Georgia), and four in China (two at Sanmen and two at Haiyang). Delays and cost overruns have hit the two projects in Georgia and South Carolina, that were handled by the CB&I Stone & Webster business acquired by Westinghouse from Chicago Bridge & Iron Company (CB&I) for US$229m in 2015.
Toshiba may have to take a US$6.3bn write-down for the nuclear business and had to postpone again its earning report until 11 April 2017 (it missed an earning deadline for the second time). Deconsolidating the Westinghouse unit by selling a controlling equity stake would reevaluate its position within the Toshiba group.
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