Posted on 01/07/2018 7:54:34 PM PST by Rabin
Brookfield may sell stake in Westinghouse
27 April 2021
Canada-based Brookfield Business Partners is exploring options including the sale of a minority stake in Westinghouse Electric Co, Reuters reported on 23 April citing “people familiar with the matter”. The sale could value the U.S. nuclear power developer and servicer at as much as $10 billion including debt, Reuters noted
Brookfield agreed to buy Westinghouse from Toshiba for $4.6bn in 2018, after Westinghouse filed for bankruptcy in March 2017. This followed long delays and cost overruns at the Vogtle and Summer nuclear plants in the USA, for which it was supplying AP1000 reactor technology. Westinghouse has changed hands several times since it was founded by George Westinghouse in Pittsburgh, Pennsylvania in 1886,
https://www.neimagazine.com/news/newsbrookfield-may-sell-stake-in-westinghouse-8703041
New investor from US or from Korea (KEPCO?)?
Interesting. Now known as a “dual-hose portable air conditioner”.
Westinghouse committed suicide back in the 80s.. just too another 40 years for the corpse to stop flopping around..
I used to give seminars to business owners on upper level management dangers. Westinghouse was my poster boy of how to screw it up.
Westinghouse WAS big... but when their internal I investment division made some good returns on real estate in the 80s the idiots at top, gave them more and more of their reserves to invest.. when they bubble popped they went from a $10 Biillion company to a $5 Billion company overnight....
Pretty much been a flopping fish corpse since then... did get a ver brief revival with nuclear power plants into China, etc but then that market collapsed and that brief moment of hope ended
You just reminded me of something I once said to my now (thankfully!) ex-wife:
Dear, it has 2mb of RAM, a 20mb hard drive and look, a CGA color monitor! I'll never need more than that!
(This post brought to you courtesy of an AMD 3700x w/32GB Memory, SSD RAID Array for virtualization and booting multiple OS' and 10Tb of storage and 2x32" 4k monitors.)
I was at NSID for that period. The first event that caught my attention was Westinghouse selling the cable TV business which was a hot sector at that time.
Later I heard Westinghouse traders dumped uranium stocks for needed money. Soon after the Oil Embargo a cartel drove up the price of uranium and Westinghouse reneged on the NSSS contracts that included fuel.
Someone in the corner office made the decision to make funding of R&D at Churchill voluntary. About that time the finance group was held out as the pick of the litter due to the booked returns. That placed other divisions making steady returns in a bad light. Then the finance group crashed and burned.
Then the board brought went outside Westinghouse for a CEO. Screw up after screw up after screw up.
When I started with Westinghouse in the early 80’s they were a huge company, 2nd fiddle to GE in most of their markets, but still a large company. The engineers were in charge. Things started downhill when the bean counters took over.
I was with LRA when Westinghouse generators were the best out there. I assume they are no longer made.
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