Westinghouse Electric Company has announced the completion of its previously announced sale to Brookfield Business Partners together with institutional partners (collectively, “Brookfield”) and emergence from Chapter 11 protection as a reorganised company. Announced on 4 January this year, the transaction was closed and became effective on 3 August.
“The close of this transaction marks an exciting milestone for Westinghouse as we have successfully emerged from Chapter 11, and continue to navigate a significant transformation that positions us for long-term sustainable success. With the support of Brookfield, Westinghouse will continue to build on its legacy of leading the nuclear industry. Our focus is on strengthening the business, capitalising on our global footprint and excelling in client service and innovation,” said Westinghouse president and CEO José Emeterio Gutiérrez.
Westinghouse supplied the world's first commercial pressurised water reactor in 1957 in Shippingport, USA. Brookfield Business Partnersis a business services and industrials company listed on the New York and Toronto stock exchanges and is part of Brookfield Asset Management Inc, a global alternative asset manager with approximately $285 billion of assets under management, of which approximately $150 billion are in the USA.