Brookfield-backed Westinghouse to buy Rolls-Royce’s civil nuclear systems and services business

Westinghouse Electric Company, which is owned by the private equity group of Brookfield Asset Management, has agreed to acquire Rolls-Royce‘s civil nuclear systems and services business in North America. No financial terms were disclosed. Rolls-Royce operates 11 sites in Canada, France, the United Kingdom and the U.S. Pennsylvania-based Westinghouse Electric Company is a supplier of nuclear plant products and technologies to utilities.

PRESS RELEASE

CRANBERRY TOWNSHIP, Pa., Sept. 26, 2019 /PRNewswire/ — Today, Westinghouse Electric Company signed a definitive agreement to acquire Rolls-Royce’s Civil Nuclear Systems and Services business in North America, expanding Westinghouse’s global capabilities in digital, engineering services, plant automation and monitoring systems, field services and manufacturing.

“Creating customer value and supporting our customers’ operations is a key driver for Westinghouse. Acquiring Rolls-Royce will strengthen our ability to serve the nuclear operating fleet through an expanded presence in our core business while adding new digital offerings,” said Patrick Fragman,

Westinghouse president and chief executive officer. “This acquisition is an important step in our growth strategy. We look forward to welcoming the employees of Rolls-Royce to Westinghouse.”

The acquisition of Rolls-Royce will:
Expand Westinghouse’s operating plant services capabilities
Enhance the company’s digital innovation efforts to optimize customer planning and maintenance, and provide engineering solutions to maximize cost effectiveness and obsolescence risk
Support both Westinghouse’s and Rolls-Royce’s global customer base through an expanded presence and synergies between both companies, enhancing customer offerings and experience in field services and plant automation
Further enable Westinghouse’s growth while supporting customers in the North American and European nuclear markets

Rolls-Royce operates 11 sites in Canada, France, the United Kingdom and the United States.

The transaction is subject to customary closing conditions and regulatory approvals.

Westinghouse Electric Company is the world’s pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world’s operating nuclear plants. For more information, please visit www.westinghousenuclear.com.