26 August 2008 -- Westinghouse Electric Co. and the Shaw Group Inc. said they signed a letter of intent (LOI) to form a joint venture to fabricate and assemble structural, piping and equipment modules for Westinghouse's AP1000 nuclear power plants to be built in the United States and selected global markets in which in-country supply is not available.
Under terms of the LOI, Westinghouse and Shaw will each hold ownership shares in the joint venture, called Global Modular Solutions LLC. Shaw's Fabrication & Manufacturing Group will serve as managing member of the venture. Additional terms were not disclosed, although final negotiations are expected to be completed within two months.
The new company will construct a 600,000 sq. ft. facility in Lake Charles, La., that is scheduled to begin operation in the late summer of 2009.
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