Shaw Group plans to sell stake in Westinghouse
BATON ROUGE, La. (AP) — Engineering and construction company The Shaw Group Inc. plans to sell its minority investment in nuclear power plant company Westinghouse Electric Co. LLC back to Toshiba Corp.
The move would mean there would be no U.S. investors in Westinghouse, which is more than 100 years old. No terms were disclosed.
Shaw subsidiary Nuclear Energy Holdings LLC obtained a 20 percent stake in Westinghouse in 2006.
Shaw said Tuesday that it is still under contract with Westinghouse for six U.S. nuclear power plants and four plants under construction in China. The Baton Rouge, La., company also expects to continue to work with Westinghouse and Toshiba on certain projects.
Proceeds from the sale will be used to repay bonds maturing March 15, 2013.
Shaw's shares slipped 21 cents to $21.62 in premarket trading.