Chicago Bridge & Iron Co NV (CB&I) has sued Westinghouse Electric Co to protect itself from a potential $2 billion claim from Westinghouse related to the sale of CB&I’s nuclear construction business to Westinghouse in 2015. CB&I said in its complaint that Westinghouse, a unit of Japanese engineering firm Toshiba Corp improperly used a provision of the purchase agreement to justify its claim. That provision, according to CB&I, was only to be used to true up the parties’ working capital expenses between the signing of the sale agreement in October and the closing of the deal in December.
Reuters 22nd July 2016 read more »