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Westinghouse Electric Co. LLC and Chicago Bridge & Iron Co. NV, the contractors building the only two brand new nuclear plants in the country, announced Oct. 27 that Westinghouse will be acquiring all of the outstanding equity interests in CB&I's nuclear construction business, leading to a loss of more than $1 billion for CB&I and signaling a new direction for the construction of the plants that have been delayed by several years.
The announcement also means the end of a $900 million lawsuit between the contractors and the owners of the Vogtle plant in Georgia, where two new Westinghouse AP1000 reactors are being built, the first new nuclear generation in the U.S. in decades.
Southern Co. subsidiary Georgia Power Co. and the other Vogtle owners "have agreed on terms to settle all claims currently in litigation with the project's contractors," according to a statement. The Vogtle owners and the contractors had sued each other in federal court over which party was responsible for cost overruns at...