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WESTINGHOUSE CEO REFUTES CB&I COMMENTS

PITTSBURGH, July 28, 2016 – Westinghouse interim president and CEO José Emeterio Gutiérrez issued the following statement in response to comments made by Chicago Bridge & Iron Company N.V. (CB&I) on July 27, 2016. The statement references the ongoing legal proceeding between the two parties.

“It's been noted by several media outlets that CB&I believes they provided excess working capital, and Westinghouse has identified a shortfall in working capital of up to $2 billion. Westinghouse has fully met, and will continue to fully meet, all of its obligations under the Purchase Agreement between the parties.

Westinghouse is confident that it followed the process defined in the Purchase Agreement when it determined the working capital of the company delivered at closing. Moreover, the allegations in CB&I’s complaint are inconsistent with the terms of the Purchase Agreement. The exclusive resolution process agreed to by the parties in the Purchase Agreement provides the appropriate and most timely remedy for these differences.

We believe the delays resulting from CB&I’s attempts to circumvent the agreed process are an unnecessary and ineffective use of time and resources.”
 
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