Siemens Buys Westinghouse Generation Unit
Siemens recently announced a binding agreement to purchase Westinghouse Electric Corp.`s Power Generation Business Unit for $1.53 billion. The agreement is pending government approval in the U.S. and Europe. Spokesmen for both firms state that everything is “business as usual” until necessary regulatory approvals are received.
The agreement includes only the Power Generation Business Unit of Westinghouse, which had worldwide revenues of $2.2 billion in 1996. The Nuclear Energy Systems and Government Services Units of Westinghouse are not included. p