Toshiba's stake in Westinghouse Electric rises to 87%
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The Toshiba Corp. now owns an overwhelming portion of the Westinghouse Electric Co. after paying $1.6 billion for an additional 20 percent stake in the Cranberry-based nuclear energy firm.
Toshiba's stake increases from 67 percent to 87 percent from the sale.
The Tokyo company acquired the stake from Shaw Group Inc., a Baton Rouge-based energy and manufacturing conglomerate, and used cash on hand and loans for the sale.
Toshiba has recently been more overtly involved with Westinghouse after the Cranberry company saw management shake-ups over the past year.
Westinghouse board chairman Shigenori Shiga, who became involved with the company when Toshiba bought it in 2006, served as interim president and chief executive officer until last month, when Danny Roderick was named CEO.
Toshiba acquired a major stake in Westinghouse in 2006 when it paid $4.16 billion for 77 percent of the energy firm in a deal that included the Shaw Group as an additional buyer. Toshiba sold 10 percent of that original stake to a Kazakhstan state nuclear company one year later.
First Published October 11, 2012 12:22 am