Under terms of the letter of intent (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, will construct a 600,000 square feet facility in Lake Charles, Louisiana, 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, senior vice president of nuclear power plants at Westinghouse, said that the agreement to fabricate modules for the AP1000 nuclear power plant in Louisiana again proves that the nuclear renaissance is now a reality.
