Westinghouse ownership of Mangiarotti finalized on November 23, 2017

In early November, Toshiba announced that they had reached an agreement with Westinghouse Electric UK Holdings Limited (WECUKH) and Westinghouse Electric Company LLC (WEC) to transfer Toshiba’s 70 percent shareholding in Mangiarotti S.p.A (Mangiarotti) to WECUKH.  This official completion of the transfer occurred on  November 23, 2017 with the approval of the U.S. Bankruptcy Court of New York.   

As part of the transfer, Toshiba has agreed to write-off the 110 million euros owed to it by Mangiarotti in the form of an outstanding loan and its interest (all of the Mangiarotti debt that Toshiba currently holds).  Additionally, Toshiba agreed in principle to proceed with transferring the 52 percent of Nuclear Fuel Industries, Ltd. (NFI) shares owned by WECUKH to Toshiba Energy Systems & Solutions Corporation (ESS).  

Toshiba Corporate Press Release:  http://www.toshiba.co.jp/about/ir/en/news/20171031_1.pdf