April 29, 1999
Bechtel National, Inc. (BNI) announced that it has reached an agreement with CBS Corporation to acquire two industrial divisions, formerly part of Westinghouse Electric Corporation, that provide supplies and technical services to the U.S. Navy's Nuclear Propulsion Program.Officials from both companies said the transfer of the 335-employee Machinery Apparatus Operation (MAO) and the 550-employee Plant Apparatus Division (PAD) from CBS to BNI is expected to occur upon completion of the required regulatory filings. Financial details of the transaction were not announced.
Bechtel National, Inc. Acquires Two Industrial Divisions From CBS
MAO is located in Schenectady, New York, while PAD is headquartered in Pittsburgh, Pennsylvania.
The acquisition of these divisions marks the second time in five months that Bechtel National has been involved in a transaction involving the Navy's Nuclear Propulsion Program. Earlier this year, the company assumed $4.5 billion in contracts to operate the Bettis Atomic Power Laboratory, a facility that designs nuclear propulsion plants for the Navy and supports their operation. The Bettis facility employs more than 2,900 persons at three locations--Pittsburgh; Idaho Falls, Idaho; and Charleston, South Carolina.
"We are very pleased to expand our support to the Naval Reactors' national security mission," said BNI President Lee A. McIntire.
Bechtel National, a unit of Bechtel Group, Inc., specializes in providing premier management and technical services to a broad cross section of government customers, including the Department of Energy (DOE) and the Department of Defense, in the areas of the nuclear fuel cycle, defense, space, national security, and the environment.
BNI provides services that include management and integration of large projects, maintenance and operations, design, procurement, construction management, and systemization. Currently, Bechtel National and its subsidiaries have more than 9,000 personnel working on more than 75 projects in 36 states and 11 countries that generate more than $2 billion in revenue annually. Most recently, the company assumed both the management and operations contract, as well as the research and development contract, for the Bettis Atomic Power Laboratory from DOE and Naval Sea Systems Command.
During 1998, Bechtel Group and its nearly 30,000 professionals worldwide had revenues of $12.6 billion.