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Westinghouse Electric Acquires Nuclear Fuel Industries

Westinghouse Electric Company announced today the signing of a share transfer agreement with Furukawa Electric Co., Ltd. and Sumitomo Electric Industries, Ltd., under which Westinghouse Electric UK Limited will acquire a combined 52 percent stake in Nuclear Fuel Industries, Ltd. (NFI), Japan's sole producer of nuclear fuel for both boiling-water and pressurized-water reactors.

The acquisition, at an approximate cost of $100 million, is expected to be finalized in May.

"The acquisition of NFI will significantly enhance Westinghouse's commitment and support to the Japanese market and also expands our global position in the PWR and BWR fuel business," said Joe Belechak, senior vice president of the Westinghouse Nuclear Fuel business unit. "For nearly 37 years, NFI has exemplified the role of a high-quality, reliable supplier of nuclear fuel and services, with an outstanding record for safety that complements Westinghouse's commitment to best-in-class operational excellence. We are proud to welcome NFI to the Westinghouse family, and we will provide utmost support for NFI's further business expansion and secure supply of nuclear fuel to the Japanese customers."

Established in 1972, NFI supplies safe, high-quality fuel with advanced technology to nuclear power plants in Japan.

NFI is committed to the development, production and design of various innovative types of nuclear fuel, including technologies such as high-temperature gas reactors and fast-breeder reactors. In addition to nuclear fuel design, NFI has made significant technological developments related to the nuclear fuel cycle, fuel-related inspection equipment, and maintenance operations utilizing reactor core management systems and safety planning.

Westinghouse Electric Company, a Toshiba Group company, is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants.

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