TOKYO, August 13 /CNW/ - Toshiba Corporation (TOKYO:6502), a global
leader in nuclear energy, and Kazatomprom, a major supplier of uranium based
in the Republic of Kazakhstan, today announced that they have signed a
share-transfer agreement, under which Kazatomprom will become an indirect
minority shareholder in Westinghouse Electric Company LLC.
Toshiba will transfer 10 percent ownership of Westinghouse's holding
companies to Kazatomprom, at a price of US540 million dollars. Toshiba will
continue to control Westinghouse, owning 67% of Westinghouse through holding
companies in the USA and the UK. The Shaw Group Inc., a major US engineering
firm, owns 20% of Westinghouse and IHI, a Japanese heavy apparatus
manufacturer, owns 3%.
Toshiba and Kazatomprom have identified various opportunities and agreed
to study specific collaboration projects as strategic partners. By welcoming
Kazatomprom as a minority investor, Toshiba aims to enhance its global nuclear
The United States and Kazakhstan have a long-standing treaty for peaceful
use of nuclear power, and Japan and Kazakhstan also agreed in April this year
to reinforce a strategic partnership. The alliance of Toshiba, Kazatomprom and
Westinghouse will contribute not only to the promotion of collaboration in the
nuclear energy area among the three countries, but also to the expansion of
nuclear power generation on a global basis to combat global warming.
Toshiba and Kazatomprom plan to transfer these shares in about one month,
upon completion of necessary regulatory procedures in the relevant countries.
The agreement requires that any technological cooperation be consistent with
U.S., Japanese and other countries' export control laws and international
regulation of the industry.
For further information:
For further information: Toshiba Corporation Keisuke Ohmori,
+81-3-3457-2105 Corporate Communications Office