Westinghouse Completes Acquisition of CB&I Stone & Webster, Inc.
CAYCE, SC Westinghouse Electric Company, LLC (WEC) announces 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, 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."