Westinghouse Business Plan Includes Transformational Savings
Westinghouse Electric Company announced today that it has reached a critical milestone in the Chapter 11 bankruptcy process by submitting its five-year business plan to the company’s debtor-in-possession (DIP) financing lenders and the unsecured creditors committee on July 27.
“We are proud to take this important next step. Our five-year plan provides Westinghouse stakeholders, including our employees, customers and future investors, insight into how we will achieve conservative, sustainable growth over the term,” said President and Chief Executive Officer José Emeterio Gutiérrez. “We have already begun to align our operations to the plan and look forward to moving through the Chapter 11 proceedings in a swift manner.”
The plan integrates Westinghouse’s strategic initiatives, competitive landscape and market dynamics into a five-year financial forecast. Comprised of strategic transformation initiatives resulting in savings of $205 million in run rate earnings before interest, taxes, depreciation and amortization (EBITDA) over the five-year term, the plan supports the successful operation of the company’s core businesses as well as the company’s New Projects Business. One component of these savings will be adjustment of the company’s global headcount; for fiscal year 2017 this will be approximately seven percent.
This milestone is another significant step in Westinghouse’s successful emergence from its Chapter 11 bankruptcy. Since filing for Chapter 11 on March 29, 2017, Westinghouse has obtained approval of an $800 million DIP financing package. Westinghouse has successfully negotiated a long-term services agreement with Southern Nuclear Co., an owner of one of the two U.S. AP1000 nuclear power plant construction projects.
Earlier today, the board of directors of Santee Cooper declared that they will not support the continued construction of the two Westinghouse AP1000 nuclear power plants currently under construction at the V.C. Summer site in South Carolina, USA.
Westinghouse is disappointed by the decision as the significant progress made on these two units – demonstrated by the recently completed installation of the entire nuclear steam supply system (NSSS) – will no longer go forward, limiting the ability of the citizens of South Carolina to have access to safe, clean and reliable energy. Westinghouse will work with SCANA, a valued customer, to determine the process under which safe and efficient project close-out is undertaken. Westinghouse will evaluate the implications of this decision on its business plan and its announced headcount adjustment in the normal course.
“While we respect Santee Cooper’s decision, we are extremely disappointed,” said José Emeterio Gutierrez, Westinghouse president and chief executive officer. “The South Carolina economy is sure to feel the negative impact of losing over five thousand high-paying, long-term jobs, as well as not having available the reliable, clean, safe and affordable energy these units would provide. Also, at a time when other nuclear plants are being retired, the U.S. energy sector is sure to feel the stunting impact of walking away from these two nuclear units.”
Westinghouse applauds the steadfast work completed to date by the project’s team. Meanwhile, the many benefits of the AP1000 plant design, including its passive safety features and strong licensing pedigree, continue to be recognized worldwide. Work continues on two AP1000 units at Georgia Power’s Vogtle site, under a long-term services agreement, and the world’s first four AP1000 units are nearing successful completion at the Sanmen and Haiyang sites in China.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
DoubleTree by Hilton Closes Out Milestone Year with 30+ New Hotels, 510 Hotels Worldwide14.12.2017 16:01 | Tiedote
2017 was a monumental year for DoubleTree by Hilton, one of Hilton’s (NYSE: HLT) 14 market-leading brands, surpassing 500 hotels worldwide and introducing 30+ new hotels to guests around the world. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171214005385/en/ DoubleTree by Hilton Dubai - Business Bay (Photo: DoubleTree by Hilton) To close out the year, the brand recently welcomed an additional three hotels to its portfolio. With convenient locations, inspired design and thoughtful upscale amenities, these hotels are now delivering unparalleled hospitality to guests and visitors, all starting with the brand’s signature, warm DoubleTree Cookie welcome. DoubleTree by Hilton Neenah : This contemporary hotel, which recently completed a multimillion
Dole Pineapple Workers Open Community Center Thanks to Fair Trade14.12.2017 16:00 | Tiedote
Dole Food Company and Fair Trade USA jointly announced today the inauguration of two new community centers near Dole’s Muelle and Bosque Farms in Costa Rica, made possible by Fair Trade purchases made at Whole Foods Market stores, which drive additional money to pineapple farmworkers to invest in projects of their choosing. The commencement events at the two locations took place on December 5th and 6th, 2017. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171214005458/en/ (Photo: Business Wire) To earn Fair Trade certification, farms must adhere to rigorous social, environmental and economic standards. Once certified, farmworkers directly earn additional Community Development Funds with every purchase. They then vote on how to use the money to address their needs. This direct economic be
Reply: Go Reply Becomes a Google Cloud Managed Service Provider14.12.2017 16:00 | Tiedote
Go Reply, the Reply Group company specialising in innovative Cloud services based on Google Cloud technology, has become a Google Cloud Managed Service Provider (MSP), joining a group of highly specialized Google Cloud partners. Go Reply supports customers through the whole cloud journey, able to respond to business needs during the different phases of the process, from engagement, to migration and execution, to post planning with optimization after deployment. As a Google Cloud MSP, Go Reply provides a high-touch service to customers who are looking for a complete and proactive support. Go Reply is able to bundle exclusive services for enterprise customers, covering not only the Cloud migration, but also all the aspects of the process, including future developments. Go Reply has access to Google training programs, Google Professional Services, and Google S
21st Century Fox to Spin off Businesses and Create New “Fox”; a Growth Company Centered on Live News and Sports Brands and the Iconic Fox Brand14.12.2017 15:12 | Tiedote
Twenty-First Century Fox, Inc. (“21st Century Fox” or the “Company” – NASDAQ: FOXA, FOX) today announced that it intends to spin off to 21st Century Fox shareholders a portfolio of its highly-rated news, sports and broadcast businesses to create a new “Fox,” which will be a growth company centered on live news and sports brands, anchored by the strength of the Fox Network. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171214005660/en/ Left to right: Robert A. Iger, Chairman and CEO of The Walt Disney Company, and Rupert Murdoch, Executive Chairman, 21st Century Fox (Photo: Business Wire) The new “Fox” will include iconic branded properties Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and B
First Eagle Investment Management to Absorb Costs of External Research14.12.2017 14:00 | Tiedote
First Eagle Investment Management announced today that effective January 3, 2018, it will absorb the costs of all external research purchased by First Eagle investment teams. Industry practices regarding payments for external research are evolving due to the Markets in Financial Instruments Directive II (MiFID II), an EU directive requiring the unbundling of external research costs from trade execution costs. As a result, asset managers worldwide have been considering whether to pass the costs of external research to their clients or to pay them from their own resources. “While our firm is not subject to MiFID II, we believe that this part of the directive points the way forward for our industry,” said Mehdi Mahmud, President and Chief Executive Officer of First Eagle Investment Management. “To be equitable and consistent across our entire client base, we have decided to use
Cognitec Brings Unique Video Investigation Features to Face Recognition Product for Law Enforcement14.12.2017 12:38 | Tiedote
Cognitec Systems, the face recognition company, has significantly extended the feature set of its FaceVACS-DBScan product. The latest release combines the company’s renowned image database search technology with powerful video inspection tools for a multitude of investigation use cases. FaceVACS-DBScan LE enables fast import of video footage and detailed investigations of the extracted facial images. Agents can find known or unknown persons in multiple videos to quickly narrow down suspect investigations. The investigation can reveal, for example, if a suspect was seen in various locations within a set time window, always with the same group of persons, or in one location too many times during the day. With one click, the investigator can add the facial image seen in a video frame to a local database. If a person is already known, the technology can quickly compare
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme