Toshiba completes acquisition of Westinghouse

Japan's electronics giant Toshiba Corporation said Tuesday that it has completed acquisition of Westinghouse Electric Co., a U.S. producer of atomic power plant equipment.

The acquisition is "of great significance in terms of taking Toshiba Group's energy systems to the global level," the company statement said. Toshiba invested 4.158 billion U.S. dollars in purchasing 77 percent share of Westinghouse.

For the remaining 23 percent, the Shaw Group Inc. of the U.S. bought a 20 percent stake for 1.08 billion dollars and Japanese heavy machinery maker Ishikawajima-Harima Heavy Industries Co. purchased a 3-percent stake for 162 million dollars, Toshiba said.

Westinghouse Electric, now a Toshiba group company, will remain headquartered in Pennsylvania, the United States.

Source: Xinhua