The German company Siemens has completed the acquisition of Westinghouse Power Generation from CBS. The company, which will be renamed Siemens Westinghouse Power Corp, will continue to be based in Orlando, Florida. Siemens Power Corp’s (SPC) Fossil Power Division, based in Milwaukee, Wisconsin, will be integrated into the new company. SPC will continue to operate its nuclear business.

Mr Adolf Hüttl, president of Siemens KWU, said in a press conference that he expected that integration of the two companies would cost $500 million, and that cost savings of $600 million per year after about 4 years would be made.