Butler County-based Westinghouse Electric Company has been bought for several billion dollars.
The company announced on their website late Thursday morning that Brookfield Business Partners L.P. will acquire Westinghouse for $4.6 billion. Brookfield Business Partners is a business-services company with holdings in the real-estate, logistics and industrial-services sectors.
“Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” Westinghouse President & CEO José Emeterio Gutiérrez said in a statement. “Our transformation and strategic restructuring process is creating a stronger, stable, and more streamlined global Westinghouse business, for the benefit of our customers and employees.”
Westinghouse is headquartered in Cranberry Township. The company filed for chapter 11 bankruptcy protection last year.
The deal is expected to close in the third quarter, subject to Bankruptcy Court approval and customary closing conditions including, among others, regulatory approvals. Throughout the process, Westinghouse will continue to operate in the ordinary course of business under its existing senior management, according to the company.