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10/29/2015 CB&I sells its nuclear construction business to Toshiba subsidiary Fuel Fix
http://fuelfix.com/blog/2015/10/28/cbisellsitsnuclearconstructionbusinesstotoshibasubsidiary/ 1/5
CB&I sells its nuclear construction business toToshiba subsidiaryPosted on October 28, 2015 | By Jordan Blum
CB&I energy construction giant will sell its Stone & Webster nuclear construction business to theWestinghouse Electric Co. for $229 million.
CB&I, which operates out of The Woodlands but is formally based in the Netherlands, reported wellmore than $2 billion in 2014 revenues from its nuclear business. Conflicts and delays have arisenfrom major nuclear construction projects in Georgia and South Carolina on which Westinghouse isa partner. Outside of projects in China, CB&I has expressed some concerns about the lack of newnuclear projects on the drawing board.
“This transition is a positive development for all stakeholders in the current nuclear projects as itprovides, through Westinghouse, a single focus of responsibility and accountability for thecompletion of the AP1000 (nuclear reactor) units,” said CB&I President and CEO Philip Asherman ina prepared statement. “For CB&I shareholders, it provides clarity and increased predictability fromour growing backlog of work in markets that are more strategic to our future growth.”
CB&I said it will focus its growth on liquefied natural gas, petrochemicals and fossil fuel powerconstruction projects.
Pennsylvania-based Westinghouse, a subsidiary of Japan’s Toshiba, said it is negotiating withIrving-based Fluor Corp. as its nuclear construction partner for the future.
The deal is expected to close in the fourth quarter. CB&I would receive $161 million upon thesubstantial completion of pending projects and the remaining $68 million once milestones arereached on equipment and services on a subcontract basis.
CB&I said it will incur up to a $1.2 billion impairment charge on the deal, of which $904 million willbe recorded in the third quarter. CB&I is releasing its third-quarter earnings on Nov. 5. CB&I said itexpects to report $164 million in adjusted net income for the quarter, which is a slight gain from$162 million last year.
CB&I first acquired the Stone and Webster nuclear construction business as part of its $3 billionacquisition of The Shaw Group in 2012. Shaw bought Stone & Webster at auction for $150 millionafter the company was financially crippled by an Indonesian bribery scandal. The business wasbuilt up and Technip purchased the Stone & Webster process technologies division from Shaw inearly 2012.
Categories: Deals, General, Nuclear
Tags: CBI | Toshiba | Westinghouse Electric
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Nicholas Littlejohn · Solar Consultant at Vision SolarIt is very wise to get out of nuclear, we have all seen how risky those stocks are.Like · Reply · 20 hrs
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