Pretoria, South Africa
INTERNATIONALLY RENOWNED NUCLEAR FIRM TAKES OVER SA COMPANY
International nuclear-power technology company Westinghouse Electric on Monday announced that it had acquired South African company IST Nuclear for an undisclosed amount.
Westinghouse, which is a group company of the Toshiba Corporation, launched its newly acquired South African operation under the name Westinghouse Electric South Africa.
”We are excited about the launch of Westinghouse Electric South Africa and we believe that this acquisition brings together local experience and international expertise, which will allow us to tackle the challenge of providing nuclear energy to this energy-intensive economy,” said Rita Bowser, regional vice-president of South Africa for Westinghouse Electric.
The company will promote its particular brand of nuclear power plant, the AP1000 — a third-generation pressurised-water reactor system. It is also contracted to design key systems for the pebble-bed modular reactor (PBMR) demonstration unit to be built at the Koeberg site by 2011.
Westinghouse’s technology is the basis for approximately half of the world’s operating nuclear plants.
IST Nuclear, which was founded 25-years ago, is a diversified engineering solution business with experience in the nuclear, energy, telecommunications and defence industries. But what attracted Westinghouse to IST is its involvement with the PBMR project.
”IST Nuclear has been instrumental in the development of the PBMR, working with both South African and United States-based investors,” said Westinghouse in a statement.
”The company supplied the helium test facility for the PBMR and is contracted to design key systems for the PBMR demonstration unit to be built at the Koeberg site by 2011,” it added.
Westinghouse has a 15% stake in the PMBR and, together with the Industrial Development Corporation, Eskom and the South African government, is one if the project’s key shareholders.
The world market for new power stations is said to be about R700-billion a year and independent assessments show that the PBMR should be capable of capturing a promising foothold in this market with at least 20 modules per year being exported once the technology has fully proved its worth. — Sapa, I-Net Bridge