By Editors of Power Engineering
Westinghouse Electric announced that its planned acquisition of Nuclear Logistics LLC will instead become a teaming agreement.
Under the agreement, Westinghouse and AZZ Inc., owner of Nuclear Logistics, will jointly market safety-related equipment to the nuclear industry.
Tom Fergusin, CEO of AZZ, confirmed in a press release the buyout move was terminated.
“Both parties made significant progress but it became apparent that the market needed us to focus on building our heritage businesses,” he said. “We are confident that this alliance represents the most effective and expeditious path forward. We are pleased to move forward on an agreement that leverage’s Westinghouse’s OEM strength and NL’s aftermarket capabilities to offer our customers a higher level of service and solutions. We believe this will be a mutually beneficial agreement for both parties.”
The move by Westinghouse to acquire the Texas company, which is the largest third-party supplier of safety equipment to the nuclear industry, and its 180 employees was originally announced in October of last year, and was expected to close by the end of 2016.