Westinghouse Acquisition to Expand Nuclear, Oil and Gas Business

PITTSBURGH (July 2, 2014) – Westinghouse Electric Company LLC today announced its intent to purchase 100 percent ownership of Mangiarotti S.p.A., an Italy‑based manufacturer of components for the nuclear, oil and gas industries. Terms were not disclosed, although the sale is expected to be completed by early August.

Headquartered in Sedegliano, Italy, Mangiarotti has engineered, designed and manufactured a comprehensive line of products during its more than 80‑year history. Of primary interest to Westinghouse is expanding into the oil and gas market as well as additional manufacturing of reactors, pressure vessels, modules, and heat exchangers used in the nuclear energy industry and the growing AP1000® reactor market.

In commenting on the pending acquisition, Westinghouse President and CEO Danny Roderick said “Our continued successful manufacturing expansion like Mangiarotti allows us to be a broader global provider in all energy fields. We are excited about the potential of the combined talents at Mangiarotti and Westinghouse to further serve our existing customers and to grow new ones.”

Westinghouse will continue operations of Mangiarotti in the Monfalcone and Pannellia facilities in Italy. Since 1993, the company has been certified to satisfy the quality assurance requirements of ISO 9001 – the world’s most widely used quality management system standard. The company has built processing equipment for other industries, including autoclaves, columns, towers, drums, separators, splitters, strippers; and has manufactured condensers, coolers and boilers.

Rick Gabbianelli, Westinghouse Senior Vice President of Global Strategy and Operations Support said: “Mangiarotti is an important and long‑term supplier to Westinghouse, providing components for the nuclear plants we are building and servicing around the world. Incorporating the depth of this company into our supply chain is another example of our unwavering commitment to make the strategic supply investments that will further improve our ability to serve our customers.”

Westinghouse Electric Company, a group company of Toshiba Corporation(TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one‑half of the world's operating nuclear plants, including more than 50 percent of those in Europe. AP1000 is a trademark of Westinghouse Electric Company LLC. All rights reserved.