It's not clear how the company can survive this latest debacle with the CB&I purchase. - Engineer Westinghouse Employee Review

1.0
Jan 7, 2017
Recommend
CEO approval
Business Outlook

Pros

In my position, I am able to perform technically interesting and challenging work on a daily basis. I am fortunate in that I can do work that is consistently first of a kind - this keeps me interested even though most other aspects of the job are negative.

Cons

I've been with Westinghouse for a very long time - it has always had extremely poor management. I was with the company as it imploded in the mid to late 90s and what is happening now is very similar, in my opinion, to what occurred during that time. Unfortunately, the current management may 'win' for the worst I have experienced. I somehow made it through all of the massive layoffs and business unit sell offs in the 90s. I don't think the Westinghouse nuclear business has truly been financially healthly since even before that time but, like me, they have somehow managed to survive. It's not clear to me that the company will make it through this latest financial fiasco. I questioned Toshiba's business prowess when they paid $5.4B for us - clearly now an extremely poor business decision on their part (Toshiba wrote off $2.4B of that purchase price in 2015 I believe). It is somewhat difficult to know how Westinghouse has truly financially performed since that purchase (since we are no longer on the stock exchange, any financial numbers we see are rather limited and are presented to us by management). Because of my distrust of the management, I don't have much faith in the limited numbers they have shown us. I was always personally quite certain that we would see large financial losses with the new builds in China and the US - we still do not know the extent of those losses. I am equally certain that as those units start up, there will be significant issues which will further have major negative financial impact. I did not forsee the Toshiba accounting scandal or this CB&I mess. To summarize, I believe 2017-2018 will be disastrous years financially - I am not certain how we will survive.

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