Westinghouse Electric Company

Westinghouse Electric Company LLC is an American nuclear power company formed in 1999 from the nuclear power division of the original Westinghouse Electric Corporation. It offers nuclear products and services to utilities internationally, including nuclear fuel, service and maintenance, instrumentation, control and design of nuclear power plants. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. Brookfield Business Partners, a Canadian private equity fund and a subsidiary of Brookfield Asset Management is the majority owner of Westinghouse. On March 24, 2017, then parent company Toshiba announced that Westinghouse Electric Company would file for Chapter 11 bankruptcy because of US$9 billion of losses from nuclear reactor construction projects. The projects responsible for this loss are mostly the construction of four AP1000 reactors at Vogtle in Georgia and the Virgil C. Summer plant in South Carolina. Westinghouse filed for Chapter 11 bankruptcy protection on March 29, 2017. In 2018, Westinghouse was acquired by Brookfield Business Partners and some partners. History Westinghouse Electric Company was formed in 1999 after the original company with that name, George Westinghouse's Westinghouse Electric, founded in 1886, ceased to exist due to a series of divestitures and mergers through the mid-to-late 1990s. These included Westinghouse Electric's purchase of CBS in 1995, expansion into communications and broadcasting, and the selling off of most non-broadcast operations by 1998; renaming itself CBS Corporation. That same year, the Westinghouse Power Generation Business unit was sold to Siemens of Germany. In 1999, CBS Corporation sold its nuclear business (Westinghouse Electric Company) to British Nuclear Fuels Limited (BNFL). and a year later CBS Corporation was merged into Viacom (1971-2005), thus putting an end to the original Westinghouse. (Legally, Westinghouse Electric Corporation still exists, mainly for the purpose of licensing, as a subsidiary of CBS Corp.)