From The Pittsburgh Business Times
Cranberry Township-based Westinghouse Electric Co. could be sold by Toshiba Corp. after a $6 billion loss from its nuclear business following an acquisition has shaken its parent company.
The Japan Times reported on comments from a news conference Tuesday where Toshiba President Satoshi Tsunakawa said the Tokyo-based company has potential buyers for its controlling stake in Westinghouse. That could include Chinese- or South Korean-owned companies, according to another story published by The Japan Times, but Bloomberg reported it wasn’t clear whether that would pass the approval of U.S. government regulators. China is the location of several Westinghouse AP1000 nuclear reactors that are being built.
Toshiba has tapped PJT Partners to help restructure the Westinghouse business, according to The Straits Times newspaper in Singapore, and Bloomberg reported that AP Services is also involved in the restructuring as well as attorneys from Weil Gotshal & Manges LLP.
At Tuesday’s news conference, Tsunakawa confirmed Toshiba’s interest in divesting its majority stake in Westinghouse.
“How we can shut down the risk from the overseas nuclear business is a big issue for us,” he said.
