In a huge deal that Wall Steet analysts said posed both rewards and risks for its key participants, Chicago Bridge & Iron on Oct. 27 said it would sell its nuclear construction business in the U.S. and China to Westinghouse Electric. Included in the deal is ongoing construction of the controversial Summer and Vogtle plants in South Carolina and Georgia, respectively, that Fluor Corp. now is set to complete. Under the $229-million transaction, CB&I’s nuclear construction division, Stone & Webster, would transfer to Westinghouse.The buyer plans to assume all liabilities for the projects, indemnifying CB&I, while Fluor is set to finish the projects on a cost-plus basis. 

Under the agreement, Westinghouse will purchase CB&I’s nuclear-facility design, construction, procurement, management, installation, start-up and testing operations. It also is buying CB&I’s nuclear integrated-services business, which includes small capital projects for existing nuclear plants in the U.S. Westinghouse will pay CB&I $161 million after Westinghouse substantially completes work on the eight reactors—four in the U.S. and four in China—that the two firms had been working on together. The 1,100-MW AP1000 reactors are slated to be operational by 2020.Westinghouse will pay CB&I another $68 million for a continued supply of modules, fabricated pipe and specialty services on a subcontract basis.