Toshiba-owned Westinghouse Electric Company is to enhance its position in the global nuclear fuel market through the acquisition of a 52 per cent stake in Japan’s Nuclear Fuel Industries Ltd. (NFI).
The $100 million deal will help Westinghouse to compete in the international nuclear fuel market, which is expected to grow alongside the development of new reactors in the USA, Europe and parts of Asia. NFI is currently owned by Furukawa Electric Co. and Sumitomo Electric Industries Ltd, each of which will sell a 26 per cent stake.
NFI is Japan’s sole producer of nuclear fuel for both boiling water and pressurised water reactors and is also active in the development of nuclear fuel services such as fuel-related inspection equipment, maintenance operations and safety planning.
“The acquisition of NFI will significantly enhance Westinghouse’s commitment and support to the Japanese market and also expands our global position in the PWR and BWR fuel business,” said Joe Belechak, senior vice president of the Westinghouse Nuclear Fuel business unit. “For nearly 37 years, NFI has exemplified the role of a high-quality, reliable supplier of nuclear fuel and services, with an outstanding record for safety that complements Westinghouse’s commitment to best-in-class operational excellence.”