Westinghouse to Acquire IST Nuclear, Greatly Enhancing Nuclear Capabilities in Growing South African Market
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o Company is Key Participant in Pebble Bed Modular Reactor Program
o Engineering, Technical Staff to Support Service Work at Existing Nuclear Plants
MONROEVILLE, Pa., July 23 /-- Westinghouse Electric Company today announced it has signed an agreement to purchase IST Nuclear (ISTN), a leading provider of services and systems for the Pebble Bed Modular Reactor (PBMR).
The sale is contingent on approval from the South Africa Competition Commission.
Terms of the acquisition were not disclosed, but Westinghouse did announce that all of ISTN's 118 employees will be retained. Once the acquisition is complete, likely in August, ISTN will operate under the name Westinghouse Electric South Africa (Pty) Ltd.
In announcing the acquisition, Nick Liparulo, Vice President of Engineering Services for Westinghouse, said that IST is a perfect match for Westinghouse. "ISTN is a key participant in the development of the Pebble Bed Modular Reactor," he said. "Westinghouse has long been a proponent of the PBMR, and this acquisition will allow us to become even more involved as PBMR moves toward commercialization.
"Equally important, we intend to expand ISTN's scope to include working with Westinghouse in servicing existing light water reactors in South Africa and elsewhere," he said. "We view ISTN as a growth business."
Dr. Rita Bowser, Regional Vice President-South Africa for Westinghouse, said the ISTN acquisition illustrates Westinghouse's strong commitment to the South African nuclear market.
"The ability to work with a respected local company will allow Westinghouse to better serve this important market both now and in the future," she said. "Clearly, we are even better positioned to help South Africa meet the critical demand for clean, safe and reliable energy in the coming decades."
Dr. Bowser will be based in ISTN's office in Centurion, South Africa.
ISTN, formerly part of IST Holdings, was instrumental in the early development of the PBMR, working with the South African utility Eskom and U.S.-based investors, including Westinghouse. Most recently, ISTN supplied the helium test facility for the PBMR. The company is also under contract to design key systems for a PBMR demonstration unit to be built at the Koeberg site by 2011.
Alongside PBMR, South Africa is also a promising market for the AP1000, Westinghouse's third-generation PWR system. As it contributes to the early commercial launch of PBMR, Westinghouse will also strongly promote AP1000 systems in South Africa, in order to meet the country's fast growing demand for electricity in the country. As a result ISTN will become an important hub for both the PBMR and PWR businesses.
Westinghouse, a group company of Toshiba Corporation, is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first Pressurized Water Reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States and 100 percent in South Africa.
Source: Westinghouse Electric Company
CONTACT: Vaughn Gilbert for Westinghouse Electric Company,
+1-412-374-3896
Web site: http://www.westinghousenuclear.com/
