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Westinghouse Electric’s parent company wants to put the nuclear company on the market

ANYA LITVAK, Pittsburgh Post-Gazette, 1 May 22,

Brookfield Business Partners is looking to sell all of its interest in Cranberry-based nuclear icon Westinghouse Electric Company, four years after buying it out of bankruptcy.

The reason? Westinghouse has been so profitable, Brookfield has accomplished everything it wanted to, company executives told analysts last week. It’s time to move on, they said.

Brookfield Business Partners, an arm of the Canadian firm Brookfield Asset Management, owns a 44% interest in Westinghouse. The remaining 56% is owned by private equity funds that are managed by Brookfield.

If Westinghouse is such a profit machine, why not keep it and grow it in-house? That’s what one analyst wondered.

……………………..   Brookfield now wants to sell its entire interest in Westinghouse.

…………… “Today, Westinghouse is the only alternative to the Russian companies to supply fuel to Russian reactors outside of Russia,”  Westinghouse’s CEO Patrick Fragman   said. “And we are already in intense discussions to provide fuel to several operators of those Russian reactors in Eastern Europe, including in the EU.”

……………….  Mr. Fragman also talked up the company’s eVinci microreactor, which he dubbed a “nuclear battery.”



May 12, 2022 - Posted by | business and costs, USA

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