In 1999, Westinghouse Electric Corporation sold its nuclear business to a British company, which subsequently sold that nuclear business to Toshiba Corporation. As part of that sale, we allowed the nuclear business to continue to use the Westinghouse name in connection with that business. Outside of the fact that Toshiba’s nuclear business has the right to use the Westinghouse name, it has absolutely no other connection to the Westinghouse Electric Corporation business.
On March 29, 2017, Toshiba Corporation announced that it had placed its American subsidiary, Westinghouse Electric Company, into Chapter 11 bankruptcy protection. I write this letter to make it completely clear that the bankruptcy of Toshiba’s subsidiary has no impact whatsoever on Westinghouse Electric Corporation, which continues to be a strong and profitable business.