PITTSBURGH, July 25 /PRNewswire/ -- Westinghouse Electric Company today
announced that it has completed the purchase of the minority interest in
its fuel handling equipment and outage critical cranes subsidiary, PaR
Nuclear. With this purchase, Westinghouse has 100-percent ownership of PaR
Nuclear. Westinghouse had purchased a controlling, 81-percent interest in
PaR Nuclear in May 2004.
"This step in our acquisition process is strategic for Westinghouse and
its customers in that it allows us to take advantage to integrate fully our
field operations and engineering expertise in a number of areas," said Ric
Perez, vice president, Westinghouse Field Services. Those areas include:
- Modifications and Upgrades of Fuel Handling Equipment and Outage
Critical Cranes
- Integrated Products - Inspection, Refueling Services
- Pool to Pad - Dry Cask Loading and Handling
- New Nuclear Plant (AP600, AP1000) - Fuel Handling Equipment & Outage
Critical Cranes
"From PaR Nuclear's perspective, we will have an opportunity to
integrate more fully with Westinghouse's structure, processes and
initiatives," said Greg Hott, president, PaR Nuclear. "We expect the
transition to full ownership to be seamless and flawless."
There will be no impact on PaR Nuclear's organization or leadership
team as a result of this step of the acquisition process.
PaR Nuclear provides world-class expertise in the area of performance
enhancing fuel handling equipment and outage critical cranes. The workforce
of approximately 130 employees is located primarily in suburban Shoreview,
Minn., and Seattle, Wash. Employees are deployed globally as members of
Westinghouse's field services team.
Westinghouse Electric Company is the world's pioneering nuclear power
company and is a leading supplier of nuclear plant products and
technologies to utilities throughout the world. Today, Westinghouse
technology is the basis for approximately one-half of the world's operating
nuclear plants.
Website: http://www.Westinghousenuclear.com
SOURCE Westinghouse Electric Company
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Related links:
http://www.westinghousenuclear.com
http://www.prnewswire.com/comp/127481.html /
CONTACT:
Vaughn Gilbert of Westinghouse Electric
Company, +1-412-374-3896, or gilberhv@westinghouse.com
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