CB&I Completes $229 Million Sale of Nuclear Build Unit to Westinghouse

 CB&I Completes $229 Million Sale of Nuclear Build Unit to Westinghouse

Chicago Bridge & Iron (CB&I, NYSE: CBI) completed the sale of its nuclear construction business to Westinghouse Electric Co. LLC (WEC) effective Dec. 31, 2015.
WEC said it will cover CB&I for previous, current and future liabilities associated with the construction of four Westinghouse AP1000 nuclear reactors at two power plant sites: The Summer power plant in South Carolina and Plant Vogtle in Georgia. The companies have sued each other over who is responsible for cost overruns and delays at both projects.
Westinghouse agreed to acquire all of the outstanding equity interest in the construction business, CB&I Stone & Webster Inc. The deal includes the business of engineering, construction, procurement, design, installation and testing of nuclear plants. CB&I will continue to supply discrete scopes of modules, fabricated pipes and specialty services to Westinghouse on a subcontract basis. Fluor Corp. (NYSE: FLR) has taken over management of construction at both projects. Fluor was expected to have construction plans become effective when the deal closed, and had already started transition of duties and responsibilities when the deal was first announced in October.
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