Toshiba to pare Westinghouse share

Kyodo

Toshiba Corp. is in talks with Bechtel Corp. and other American engineering companies to sell part of its stake in U.S. nuclear equipment firm Westinghouse Electric Co., sources said.

Toshiba, which owns an 87 percent stake in Westinghouse, plans to keep more than 50 percent to retain management rights. Other U.S. firms involved in the talks include engineering firm Chicago Bridge & Iron Co., the sources said Thursday.

Bechtel and Chicago Bridge both engage in building power stations and petrochemical plants.

The envisioned sale is part of Toshiba’s efforts to restructure its business due to growing uncertainty over the nuclear business due to the 2011 Fukushima disaster that started in 2011. It has prevented Toshiba and Westinghouse from winning new orders for nuclear power plants.

The company aims to reach an agreement by the end of March.