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Dept of Trade and Industry

Answer

John Mann: To ask the Secretary of State for Trade and Industry whether BNFL owns (a) BNFL Instruments Inc, (b) Manufacturing Sciences Corporation, (c) Sierra Nuclear Corporation, (d) Westinghouse Electric Company LLC and (e) ABB; and what the current market value of each company owned by BNFL is. [95967] Mr. Wilson: BNFL owns 100 per cent. of the share capital of BNFL Instruments Inc, Manufacturing Sciences Corporation, and Sierra Nuclear Corporation. None of these entities has a material net worth in BNFL's balance sheet and there is currently no market valuation available. BNFL acquired the Westinghouse Electric Company LLC in March 1999 for a total consideration of £641 million (which comprised a mixture of cash and liabilities assumed). This was disclosed in BNFL's annual report and accounts for 1998-99. The acquisition of ABB's nuclear business was completed in April 2000 for £300 million. This transaction is disclosed in BNFL's 1999-00 annual report and accounts and the business has now been fully integrated into the Westinghouse entity. In line with the requirements of the relevant accounting standard BNFL reviewed the carrying value of these acquisitions for potential impairment at the end of the first full financial year following acquisition. There was no evidence of impairment at that stage and there have been no subsequent events or changes in circumstances which might indicate that the carrying value may not be recoverable. This was disclosed under note 1,c in the 2002 Annual report and accounts.

Secondary information

Type

Written question

Reference

95967; 400 c1287-8W;400 c1275-6W

Session

2002-03

Subjects

Companies British Nuclear Fuels Ownership Sales Valuation Westinghouse ABB Power

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk