BNFL Announces Westinghouse Sale

WARRINGTON, England, January 24 /PRNewswire/ -- British Nuclear Fuels plc (BNFL) today announced that it has selected Toshiba Corporation, the highest bidder, as the preferred bidder for the sale of Westinghouse Electric Company.

"This bid is a win-win. We are pleased that by selecting Toshiba we have achieved our dual objectives of doing the best for our employees and the British taxpayers," said Mike Parker, BNFL CEO. "Toshiba is a strong company with a long record of business success, and will ensure that the decades-long contributions of Westinghouse to the nuclear industry - and to the U.S. and global economies - continue to grow."

BNFL conducted a fair bidding process designed to ensure a level playing field and secure the best business result. Today's announcement comes after multiple rounds of bidding that began in the autumn. BNFL expects the sales contract to be signed in the near future.

"This sale will ensure Westinghouse's continued leadership in the commercial nuclear industry. Westinghouse is built on generations of American ingenuity and we will continue to grow and serve the U.S. and the world as nuclear energy becomes ever more important," said Steve Tritch, President and CEO of Westinghouse Electric Company.

The Toshiba bid will be recommended for approval by the BNFL Group Board later this week.