The Shaw Group Inc. (NYSE: SGR) announced today that the
Westinghouse Acquisition Companies have completed the acquisition of
Westinghouse Electric Company. Shaw holds 20% interests in the
Westinghouse Acquisition Companies through a wholly-owned subsidiary,
Nuclear Energy Holdings, L.L.C. (NEH). Today's acquisition completes a
series of transactions that result in Shaw's 20% ownership stake in
Westinghouse Electric Company. The remaining ownership in Westinghouse
Electric is held by Toshiba Corporation, 77%; and Ishikawajima-Harima
Heavy Industries Co., Ltd, 3%.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, "Along with Toshiba, we are very pleased to complete these
transactions and become a 20% owner of Westinghouse Electric, the
premier provider of nuclear fuels, services and pressurized water
reactor technology in the world today. With this transaction Shaw now
holds a stake in every aspect of the nuclear power business. As I
stated two years ago before the U.S. Senate Subcommittee on Energy, we
believe that nuclear-powered electricity generation will be critical
to addressing the world's energy needs in the 21st century."
Mr. Bernhard continued, "In 1957, Westinghouse and Shaw
successfully collaborated to establish the first commercial nuclear
plant reactor in the United States at Shippingport, Pennsylvania.
Today, Westinghouse remains a leader in reactor primary systems,
fuels, and equipment. Shaw is a preeminent nuclear architect-engineer,
constructor, and piping supplier and Toshiba is a world leading
manufacturer and supplier of boiling water reactor nuclear technology,
heavy equipment and components for nuclear power plants. With this
transaction, Toshiba, Shaw and Westinghouse have formed the world's
strongest nuclear services team and are positioned to lead in all
facets of the global nuclear renaissance."
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, technology, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for government and private sector clients in the energy,
chemical, environmental, infrastructure and emergency response
markets. Headquartered in Baton Rouge, Louisiana, with over $4 billion
in annual revenues, Shaw employs approximately 22,000 people at its
offices and operations in North America, South America, Europe, the
Middle East and the Asia-Pacific region. For further information,
please visit Shaw's website at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for certain forward-looking statements. The statements
contained herein that are not historical facts (including without
limitation statements to the effect that the Company or its management
"believes," "expects," "anticipates," "plans," or other similar
expressions) and statements related to revenues, earnings, backlog, or
other financial information or results are forward-looking statements
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company. There
can be no assurance that future developments affecting the Company
will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which
are beyond our control) and assumptions and are subject to change
based upon various factors. Should one or more of such risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. A description of some of the risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements can be found in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including its Form 10-K and Form 10-Q reports, and on the
Company's web-site under the heading "Forward-Looking Statements".
These documents are also available from the Securities and Exchange
Commission or from the Investor Relations department of Shaw. For more
information on the company and announcements it makes from time to
time on a regional basis visit our web site at www.shawgrp.com.
