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Westinghouse, Shaw to Form Joint Venture Company to Manufacture Modules for AP1000(TM) Nuclear Power Plants

August 26, 2008

PITTSBURGH, Aug. 26 /PRNewswire/ — Westinghouse Electric Company and The Shaw Group Inc. today announced they have signed a letter of intent (LOI) to form a joint venture to fabricate and assemble structural and equipment modules for AP1000(TM) 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. Additional terms were not disclosed, although final negotiations are expected to be completed within two months.

The new company, Global Modular Solutions LLC, will construct a 600,000 sq. ft. facility in Lake Charles, La., that is scheduled to begin operation in the late summer of 2009. When fully operational, the facility is expected to employ as many as 1,400 workers.

Dan Lipman, Westinghouse Sr. Vice President, Nuclear Power Plants, said the agreement to fabricate modules for the AP1000(TM) nuclear power plant in Louisiana again proves that the nuclear renaissance is now a reality.

“Westinghouse and our consortium partner The Shaw Group are providing four new plants in China, and we have been identified for no less than 14 plants here in the United States. Other markets are fast emerging,” he said. “It is imperative, therefore, that we move decisively to develop the infrastructure to meet the needs of our fast-growing and essential industry. We thank all of our partners and the state of Louisiana for the hard work and commitment that makes today’s announcement a reality. We look forward to a long and mutually beneficial relationship.”

Westinghouse is also actively pursuing new plant business in other countries around the world, including in the Republic of South Africa and the United Kingdom.

Westinghouse, majority owned by Toshiba Corporation, is the world’s pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse technology today is the basis for approximately one-half of the world’s operating nuclear plants.

Westinghouse Electric Company

CONTACT: Vaughn Gilbert of Westinghouse Electric Company,+1-412-374-3896, gilberhv@westinghouse.com

Web site: http://www.westinghousenuclear.com/

Company News On-Call: http://www.prnewswire.com/comp/127481.html




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