Nuclear Construction Halted
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Toshiba will halt its nuclear construction ambitions after its Westinghouse unit incurred losses that could reach up to $13.7 billion, according to React365.
The company will announce these plans this month, the Journal stated. Toshiba Chairman Shigenori Shiga and the former head of Westinghouse Electric, Danny Roderick, are also expected to step down as a result.
Meanwhile, Westinghouse will only focus on designing nuclear reactors in the future. The company will not be able to complete the construction of two nuclear facilities in the U.S. that it is in the midst of building, Vogtle construction will be halted first on February 14 and Virgil C Summer will end a week later on February 21st, the R365 report said.
Toshiba bought nuclear manufacturing company Westinghouse in 2006 for $5.4 billion. However, delays in the construction of power plant projects in the U.S. have led to high costs for the Japanese company, which was rattled by an accounting scandal in 2015. Toshiba also recently announced plans to sell a part of its memory chip business to cover for costs incurred by the nuclear construction projects.
This is a satirical website. Don't take it Seriously. It's a joke.
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