Westinghouse to Resolve CB&I Purchase Agreement as Planned
Today the Delaware Chancery Court found in favor of Westinghouse Electric Company and dismissed the filing by Chicago Bridge & Iron Company N.V. (CB&I) with respect to the post-closing reconciliation process. As a result of the decision, the parties will now proceed in accordance with the Parties Purchase Agreement and to an independent third-party auditor.
“We are pleased the judge found that the suit was unwarranted and for the parties to maintain our agreed-upon resolution process,” said Westinghouse Interim President & CEO José Emeterio Gutiérrez.
In October 2015, Westinghouse entered into a Purchase Agreement with Chicago Bridge & Iron Company N.V. for the acquisition of CB&I Stone & Webster Inc., CB&I’s nuclear construction and integrated services businesses, by Westinghouse. On July 21, 2016, CB&I initiated a legal proceeding against Westinghouse in Delaware Chancery Court with respect to the post-closing reconciliation process.
To learn more about Westinghouse Electric Company, a Toshiba Energy Systems and Solutions company, and our vision to be the first to innovate the next technology, practice or solution that helps our customers generate safer, cleaner, more reliable energy, visit www.westinghousenuclear.com .
Westinghouse Electric Company
Courtney Boone, +1-412-374-2707
Vice President, Global Communications
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