Powering off

17 Mar 2017 By Lauren Silva Laughlin Follow @TheRealLSL

The storied firm pioneered the use of alternating current in the 19th century and nuclear power in the 20th. Now massive losses have forced Toshiba to put it up for sale. Even if it can find a buyer, nuclear’s dire economics and troubled politics make a third century doubtful.

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Toshiba is "actively considering" a sale and other strategic options for U.S. nuclear unit Westinghouse, the group said March 14. Sources have said bankruptcy lawyers have been hired as an exploratory step, according to a Reuters report.

In 2015, Westinghouse purchased Stone & Webster, a U.S. nuclear power plant construction subsidiary of Chicago Bridge & Iron. It has incurred heavy losses on construction of plants in Georgia and South Carolina. On Feb. 14, Toshiba said would take a $6.3 billion writedown on the nuclear business this year and the company’s chairman resigned.

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