Engineering and construction company Shaw Group (SHAW.N) is looking for acquisitions to diversify its energy business once it divests its stake in Westinghouse Electric Co, Shaw's chief executive said on Tuesday. "It is hunting time for Shaw," CEO J.M. Bernhard, who is also Shaw's chairman and president, told a conference call. Earlier on Tuesday, Shaw said it would sell its 20 percent stake in nuclear power plant company Westinghouse Electric back to Japan's Toshiba Corp (6502.T) to eliminate nearly $1.7 billion of debt and strengthen its balance sheet. That will allow U.S. company to continue the pursuit of new energy businesses amid the current weak market valuations, Bernhard said.
The Shaw Group Inc. (Shaw) is a provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services to a diverse client base that includes multinational and national oil companies and industrial corporations, regulated utilities, independent and merchant power producers, and government agencies. Shares of SHAW traded higher by 6.5% or $1.42/share to $23.25. In the past year, the shares have traded as low as $20.24 and as high as $41.62. On average, 1532770 shares of SHAW exchange hands on a given day and today's volume is recorded at 1325725.
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