PITTSBURGH, Aug. 26 /PRNewswire/ -- Westinghouse Electric Company and
The Shaw Group Inc. (NYSE: SGR) today announced they have signed a letter
of intent (LOI) to form a joint venture to fabricate and assemble
structural and equipment modules for AP1000(TM) nuclear power plants to be
built in the United States and selected global markets in which in-country
supply is not available.

    Under terms of the LOI, Westinghouse and Shaw will each hold ownership
shares in the joint venture. Additional terms were not disclosed, although
final negotiations are expected to be completed within two months.

    The new company, Global Modular Solutions LLC, will construct a 600,000
sq. ft. facility in Lake Charles, La., that is scheduled to begin operation
in the late summer of 2009. When fully operational, the facility is
expected to employ as many as 1,400 workers.

    Dan Lipman, Westinghouse Sr. Vice President, Nuclear Power Plants, said
the agreement to fabricate modules for the AP1000(TM) nuclear power plant
in Louisiana again proves that the nuclear renaissance is now a reality.

    "Westinghouse and our consortium partner The Shaw Group are providing
four new plants in China, and we have been identified for no less than 14
plants here in the United States. Other markets are fast emerging," he
said. "It is imperative, therefore, that we move decisively to develop the
infrastructure to meet the needs of our fast-growing and essential
industry. We thank all of our partners and the state of Louisiana for the
hard work and commitment that makes today's announcement a reality. We look
forward to a long and mutually beneficial relationship."

    Westinghouse is also actively pursuing new plant business in other
countries around the world, including in the Republic of South Africa and
the United Kingdom.

    Westinghouse, majority owned by Toshiba Corporation, is the world's
pioneering nuclear power company and is a leading supplier of nuclear plant
products and technologies to utilities throughout the world. Westinghouse
technology today is the basis for approximately one-half of the world's
operating nuclear plants.


SOURCE Westinghouse Electric Company