Westinghouse to Resolve CB&I Purchase Agreement As Planned

Today the Delaware Chancery Court found in favor of Westinghouse Electric Company and dismissed the filing by Chicago Bridge & Iron Company N.V. (CB&I) with respect to the post-closing reconciliation process. As a result of the decision, the parties will now proceed in accordance with the Parties Purchase Agreement and to an independent third-party auditor.

 “We are pleased the judge found that the suit was unwarranted and for the parties to maintain our agreed-upon resolution process,” said Westinghouse Interim President & CEO José Emeterio Gutiérrez.

In October 2015, Westinghouse entered into a Purchase Agreement with Chicago Bridge & Iron Company N.V. for the acquisition of CB&I Stone & Webster Inc., CB&I’s nuclear construction and integrated services businesses, by Westinghouse. On July 21, 2016, CB&I initiated a legal proceeding against Westinghouse in Delaware Chancery Court with respect to the post-closing reconciliation process.

Nuclear Power 2016 - 2024

Nuclear Power 2016 - 2024

Published: October 2018
Pages: 451 pages
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Source: Westinghouse Electric Company
Date: Dec 2, 2016