23 Jul (NucNet): Westinghouse Electric said today it has signed an agreement to buy IST Nuclear (ISTN), a provider of services and systems for South Africa’s Pebble Bed Modular Reactor (PBMR).
Westinghouse did not disclose the terms of the sale, which is subject to approval from South Africa’s Competition Commission.
However, Westinghouse said all of ISTN's 118 employees would be retained. The acquisition is expected to be completed in August 2007, after which ISTN will operate under the name Westinghouse Electric South Africa (Pty) Ltd.
ISTN, formerly part of IST Holdings, was instrumental in the early development of the PBMR, working with the South African utility Eskom and US-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 Koeberg in South Africa by 2011.
In October 2006, Toshiba Corporation acquired a majority stake in Westinghouse following completion of the final arrangements with the UK’s state-owned British Nuclear Fuels, former owner of Westinghouse..
>>Related reports in the NucNet database (available to subscribers)
Ruling Clears Way For PBMR’s Pilot Fuel Plant In South (World Nuclear Review No. 5, 2 February 2007)
Toshiba Completes Acquisition Of (World Nuclear Review No. 42, 20 October 2006)
