Westinghouse completes acquisition of CB&I Stone & Webster, Inc.
January 4, 2016
Westinghouse Electric Company, LLC (WEC) announced that it has completed its acquisition of CB&I Stone & Webster, Inc. (Stone & Webster), the nuclear construction and integrated services business of Chicago Bridge & Iron N.V. (CB&I). Stone & Webster will now reside within a newly created WEC subsidiary called WECTEC.
South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG), and Santee Cooper, South Carolina’s state-owned electric and water utility, originally contracted WEC and Stone & Webster to build two AP1000 units at the V.C. Summer Nuclear Station. Today marks the first day under the new construction team structure of WECTEC and Fluor Corporation (Fluor), as a subcontracted construction manager. This transition is expected to have minimal impact as most employees should be retained under the new structure.
“We are excited about the changes in the structure of the construction team,” said Kevin Marsh, SCANA’s Chairman and CEO. “The purchase of Stone & Webster by Westinghouse simplifies the EPC Agreement as the two original members of the Consortium become vertically integrated. We welcome the addition of Fluor as the subcontracted construction manager. We have a long standing relationship with Fluor as they have been involved in the construction of many of our other generating plants, including V.C. Summer Unit 1. They bring with them significant mega-project experience and their nuclear division is headquartered here in South Carolina.”
PROFILE
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 697,000 customers in South Carolina. The company also provides natural gas service to approximately 343,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company’s website at www.scana.com.
