Westinghouse Electric Company is to acquire a majority share in Nuclear Fuel Industries (NFI), Japan’s sole producer of nuclear fuel.
Under a share transfer agreement signed with Furukawa Electric Co. Ltd. and Sumitomo Electric Industries Ltd, Westinghouse will acquire a 52% stake in NFI for around $100 million. The transaction is should be finalised in May.
"The acquisition of NFI will significantly enhance Westinghouse's commitment and support to the Japanese market and also expands our global position in the PWR and BWR fuel business," said Joe Belechak, senior vice president of the Westinghouse Nuclear Fuel business unit.
The business fabricates PWR and BWR fuel, and components and fuel for HTRs at its Kumatori Works and Tokai Works. In addition to nuclear fuel design, since it was established in 1972 NFI has made significant technological developments related to the nuclear fuel cycle, fuel-related inspection equipment, and maintenance operations utilising reactor core management systems and safety planning. In April 2008 a subsidiary company, Engineering Cooperation Co, hived off in 1989, was merged back into the company.
Westinghouse Electric Company is a Toshiba Group company.
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