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WESTINGHOUSE TO RESOLVE CB&I PURCHASE AGREEMENT AS PLANNED

PITTSBURGH, Dec. 2, 2016 – Today the Delaware Chancery Court found in favor of Westinghouse Electric Company and dismissed the filing by Chicago Bridge & Iron Company N.V. (CB&I) with respect to the post-closing reconciliation process. As a result of the decision, the parties will now proceed in accordance with the Parties Purchase Agreement and to an independent third-party auditor.

“We are pleased the judge found that the suit was unwarranted and for the parties to maintain our agreed-upon resolution process,” said Westinghouse Interim President & CEO José Emeterio Gutiérrez.

In October 2015, Westinghouse entered into a Purchase Agreement with Chicago Bridge & Iron Company N.V. for the acquisition of CB&I Stone & Webster Inc., CB&I’s nuclear construction and integrated services businesses, by Westinghouse. On July 21, 2016, CB&I initiated a legal proceeding against Westinghouse in Delaware Chancery Court with respect to the post-closing reconciliation process.

 
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