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Westinghouse unplugged?
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November 13, 1997: 6:58 a.m. ET
Reports say company near deal to sell power unit for $1.5 billion
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NEW YORK (CNNfn) - Westinghouse Electric Corp. is reportedly near a deal to sell its conventional power-generation unit to Germany's Siemens AG for about $1.5 billion and the assumption of some liabilities.
Several published reports said an announcement could come later Thursday.
Westinghouse would not comment on reports it was about to sell the Orlando, Fla.-based unit. It had sales of more than $2 billion in 1996, making it one of the company's largest remaining industrial assets.
A sale could signal the beginning of an exodus by Westinghouse from the industrial-side of its business operations. After selling its conventional power-generation unit, Westinghouse would still have its nuclear-power business, which it is also reportedly shopping around. In addition, Westinghouse's industrial portfolio includes a small government contracting operation. After shedding those businesses, the company would be based almost entirely on its media businesses.
Several potential buyers have expressed interest in the nuclear-power unit. However, that sale is complicated by the fact that all potential buyers so far have been based overseas.
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Westinghouse
Siemens AG
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