CPE Media News (7/22/2019) – Westinghouse Electric Company, a portfolio company of Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), has acquired NA Engineering Associates Inc. Financial terms were not disclosed.
The acquisition supports Westinghouse’s strategic growth initiatives by expanding the company’s footprint in Canada. Through the transaction, Westinghouse acquires the Canadian facilities that comprise the current NA Engineering Associates footprint, including offices in Kincardine, and Stratford, London and Pickering and adds approximately 60 technical and professional employees.
Founded by Nick Aroutzidis, NA Engineering Associates Inc. is a provider of comprehensive engineering solutions including significant nuclear expertise.
From its Kincardine office, NA Engineering services its major client Bruce Power’s Nuclear Generating Station.
On August 1, 2018, together with institutional partners, Brookfield Business Partners closed the acquisition of Westinghouse Electric Company from Toshiba for approximately US $4 billion.
Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A; EURONEXT: BAMA), a leading global alternative asset manager with approximately $285 billion of assets under management.
photo credit: NA Engineering Associates
News Release
Westinghouse Acquires Canada’s NA Engineering Associates
Acquisition expands Westinghouse’s footprint in Canada and further diversifies its innovative engineering capabilities
CRANBERRY TOWNSHIP, Pa., July 22, 2019 /CNW/ — Westinghouse Electric Company announced the acquisition of NA Engineering Associates Inc., a Canadian-based provider of comprehensive engineering solutions including significant nuclear expertise. This acquisition supports Westinghouse’s strategic growth initiatives by expanding the company’s footprint in Canada.
“We are proud to support our customers across the world, including the Canadian market, with a wide variety of technical products and services. Bringing NA Engineering Associates into our portfolio further diversifies our engineering capabilities in the energy and infrastructure industries and provides us with a platform to enable further growth,” said President and Chief Executive Officer José Emeterio Gutiérrez. “We welcome the highly skilled employee base from NA Engineering Associates to our team, which further strengthens our position as the first choice for safe, clean and efficient energy solutions for our customers worldwide.”
Through the transaction, Westinghouse acquires the Canadian facilities that comprise the current NA Engineering Associates footprint, including offices in Kincardine, Ontario and Stratford, Ontario, to better serve our customer base, and adds approximately 60 technical and professional employees.
Nick Aroutzidis, president and chief executive officer of NA Engineering Associates, said, “We are excited to join Westinghouse, a leader in the global nuclear industry, and contribute our deep engineering expertise to support the company going forward.”
Westinghouse Electric Company 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 commercial 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. For more information, please visit www.westinghousenuclear.com.
NA Engineering Associates Inc. is a comprehensive engineering firm with a growing reputation for delivering successful, professional results. Through their audited CSA N286-06 and CSA Z299.1 compliant QA programs, NA Engineering Associates Inc. provides personal attention combined with state-of-the-art technology to ensure engineering deliverables meet the requirements of nuclear clients. For more information, please visit www.naeng.com.
Contact: Sarah Cassella
Manager, External Communications
Westinghouse Electric Company
Telephone: +1 412-374- 4744
Email: cassels@westinghouse.com
SOURCE Westinghouse Electric Company