Toshiba raises stake in Westinghouse nuclear
by The Associated Press
Japanese electronics maker will purchase another 20 per cent, raise its stake to 87 per cent
TOKYO—Toshiba Corp. is raising its stake in U.S. nuclear power unit Westinghouse Electric despite uncertainty about the future of the technology in Japan after the nuclear disaster in Fukushima.
The Japanese electronics maker said it will purchase another 20 per cent stake from U.S.-based Shaw Group for 125-billion yen ($1.6-billion), raising Toshiba’s ownership to 87 per cent.
Westinghouse operates four nuclear reactors in the U.S. and four in China, and is talking with potential partners to expand its business.
Public worries about atomic energy surged in Japan after the tsunami last year set off multiple meltdowns at Fukushima Dai-ichi nuclear power plant.
All of Japan’s reactors were put offline, but two were brought back earlier this year.
The Japanese government is targeting a phase-out of nuclear power by 2040.