The Toshiba Corp. of Japan is said to be near a deal to buy Westinghouse Electric, a builder of nuclear power plants, for about $5 billion, according to a report in the New York Times. Based on comments made from an unidentified person close to the deal, the report said Toshiba beat competing bids from General Electric, Hitachi and Mitsubishi Heavy Industries.
Based in Monroeville, PA, Westinghouse is controlled by British Nuclear Fuels, which is controlled by the British government. Westinghouse technology is found in half the world's operating commercial nuclear power plants, according to the company. It has 8,500 employees.