Westinghouse plans to expand business in Asia

Westinghouse Electric Co. said China plays an important role for the US nuclear company.

"We intend to be in China to service a long time to come," said Carrie Monaco, product development director from Nuclear Services Manufacturing Operations of the Westinghouse Electric Co.

"We will continue to work to provide service and equipment and will be very involved to help maintain the equipment for China."

She made this remark during a press conference in Beijing on Thursday.

The company said it has plans for further expansion and investment in the country, intending to play a strong role in the market.

Gavin Liu, president in Asia for Westinghouse, said that Asia accounts for less than 25 percent of the company's overall business, but that figure is expected to rise to 35-40 percent in the next five to 10 years, driven by growth in countries such as China.

Westinghouse's investments will cover a wide range of businesses, including new nuclear projects, innovation, maintenance service, fuel supply and decommissioning.

Westinghouse said it expected to begin fuel loading at the world's first AP1000 nuclear plant in November, despite being several years behind schedule.

The move will pave the way for more opportunities in a booming nuclear market with more than 100 new nuclear power plants planned in coming decades, the company said.

The AP1000 is a pressurized water reactor, the latest technology that Westinghouse is pushing worldwide.

China is planning to build more than 100 new nuclear reactors, being the world's largest market for nuclear power plants, and many nuclear giants have an eye on getting a piece of the pie.