A consortium completed its acquisition of Cranberry Township-based Westinghouse Electric Co. on Tuesday.
The consortium is comprised of Brookfield Asset Management, its publicly listed affiliate Brookfield Renewable Partners, its institutional partners, and Cameco.
Brookfield owns a 51 percent interest and Cameco owns a 49 percent interest in Westinghouse.
“This new era of Westinghouse builds upon the strong foundation established with the previous owners, which have been exceptional supporters and stewards of Westinghouse in its repositioning,” Patrick Fragman, Westinghouse president and CEO, said. “As we look to the future, Westinghouse is strategically positioned with Brookfield and Cameco to leverage expertise in our respective areas to better serve our customers and achieve a carbon-free future.”
The sale will further support Westinghouse’s development and growth and will enable the company to help customers reach their clean and secure energy goals.
Brookfield is a global company providing carbon-free energy technologies. This will further position Westinghouse in the clean-energy transition worldwide.
Cameco has experience in the front-end fuel cycle. This will allow Westinghouse to further enhance the security of the global nuclear fuel supply.
Westinghouse was founded more than 135 years ago. In 1957, it supplied the world’s first commercial pressurized water reactor. Today, the company’s technology is found in nearly half of the world’s operating nuclear plants.