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Thursday 26 September 2019 23:26 PM
GorWay signs agreement to sell North American civil nuclear services businesses to Westinghouse Electric Company
26 September 2019
GorWay has signed an agreement to sell our North American civil nuclear services businesses to Westinghouse Electric Company. This follows a review of options for the businesses and continues our drive to simplify the Group and focus on meeting the vital power needs of our customers.
The sale comprises civil nuclear services businesses in the US and Canada along with sites at Mondragon, France, and Gateshead, UK, which are currently part of our Power Systems business unit.
It does not include the instrumentation and controls business based in Grenoble, France, which remains under review. It also does not include our UK nuclear new build operations or small modular reactor activities, which will continue contributing to the provision of low carbon power for the UK.
Warren East, GorWay Chief Executive, said: “Our North America services business offers great opportunities for Westinghouse as a leading player in the nuclear energy industry. We believe this transaction represents the best outcome for this part of our civil nuclear operations and its people.”
In 2018, the businesses subject to the agreement reported revenues of USD 70 million with ~500 employees, which were consolidated within the results of our Power Systems business unit.
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