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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 1995
WESTINGHOUSE ELECTRIC CORPORATION
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(Exact name of registrant as
specified in its charter)
Pennsylvania 1-977 25-0877540
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification
Number)
Westinghouse Bldg., 11 Stanwix St., Pittsburgh, PA 15222-1384
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 244-2000
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Page 1 of 5 Pages
Exhibit Index on Page 3
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Item 5. Other Events
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On March 1, 1995, the registrant issued a press release concerning
contract awards and anticipated 1995 financial performance, a copy of
which is attached hereto as Exhibit 99, and is incorporated herein in
its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
A press release announcing that the Corporation has been awarded
power generation agreements valued at $300 million and the Corporation's
anticipated strong financial performance in 1995 is filed as Exhibit
99 to this Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
WESTINGHOUSE ELECTRIC CORPORATION
(Registrant)
By: /s/ Fredric G. Reynolds
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Fredric G. Reynolds
Executive Vice President and
Chief Financial Officer
Date: March 2, 1995
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EXHIBIT INDEX
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Sequential
Exhibit No. Description Page No.
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99 Press release announcing 4
power generation agreements
and anticipated strong financial
performance in 1995.
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Westinghouse Electric Corporation
Contact: Paul Tobin
Telephone: (412) 642-3117
FOR IMMEDIATE RELEASE
WESTINGHOUSE AWARDED POWER GENERATION AGREEMENTS VALUED AT
$300 MILLION, ANTICIPATES STRONGER FINANCIAL PERFORMANCE IN 1995
PITTSBURGH, Pa., March 1 -- Westinghouse Electric Corporation today
announced two separate agreements for power generation equipment and
services valued at approximately $300 million. The corporation also
reported that continued momentum across all of its business segments is
expected to significantly improve its financial performance for 1995.
The Westinghouse Power Generation business unit announced a letter
of award valued at approximately $200 million for steam turbine-
generators in the People's Republic of China, as well as a $100 million
contract for the long-term maintenance of the Teesside Power Station in
the United Kingdom.
Westinghouse will supply a total of four 350 megawatt steam
turbine-generators and related equipment to Huaneng Power International
Inc. for the Dandong Phase I and the Dalian Phase II power plants in
China's Liaoning Province. The power plants will be fueled by coal, and
are expected to enter operation in 1998. Westinghouse will manufacture
the steam turbine-generators in its power generation factories, and
begin shipping equipment for both plants in early 1997.
Westinghouse received the award as a part of a consortium which
includes Sargent & Lundy, the Chicago based architect and engineering
firm, and Babcock Energy Limited of the United Kingdom, the supplier of
boiler islands for the power plants. The value of the entire contract,
which is in final negotiations, is estimated at $600 million.
Teesside Power Limited of London, England awarded Westinghouse a
$100 million contract for the long-term maintenance of the 1,875
megawatt Teesside Power Station. The station is the largest operating
independently owned power plant in the world. Under terms of the
contract, Westinghouse will provide equipment, repairs, site labor, and
management services during maintenance outages into the 21st century.
"The balance between servicing our customers' operating units and
supplying our customers with world class new equipment is critical to
our success in the industry," said Frank Bakos, president of the
Westinghouse Power Generation business unit. "We place great emphasis on
long-term relationships with our customers, and we are dedicated to
working with them to attain the highest levels of continuous reliability
and efficiency," he said.
The agreements are a signal that the Power Generation business unit
is continuing to build on the momentum of a strong order performance in
the second half of 1994. The business unit booked over $1 billion worth
of orders in the fourth quarter of 1994.
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Westinghouse also reported that it anticipates improvement across
all of it business segments in 1995. Increased revenues, coupled with
the benefits from 1993 and 1994 restructuring initiatives, are expected
to improve earnings significantly in 1995 compared to reported earnings
of $0.71 per share in 1994 which excludes the effect of special charges.
"While we are optimistic about our full-year performance, we are
still a somewhat cyclical and second-half loaded business," said Fred
Reynolds, chief financial officer. "We expect our first quarter 1995
earnings to be approximately flat compared to last year's results after
adjusting for certain gains on the sale assets which increased our 1994
earnings per share. Our first quarter this year is being impacted by the
timing of when revenue can be recognized on recent large, long-cycle
orders, such as those in power generations," he said.
In the first quarter of 1994, Westinghouse reported earnings of
$0.07 per share which included pre-tax gains of approximately $35
million from the sale of assets, principally its Sacramento radio
stations.
Westinghouse Electric Corporation, headquartered in Pittsburgh,
Pa., is a global leader in the power generation market and has supplied
over 280,000 megawatts of power generation equipment worldwide. The
Westinghouse Power Generation business unit is headquartered in Orlando,
Fla.
Huaneng Power International Inc., headquartered in Beijing, is
among the largest private power producers in the People's Republic of
China.
The Teesside Power Station is located at Wilton, Cleveland, in the
United Kingdom. The power plant is operated by Enron Power Operations
Limited, a wholly owned subsidiary of the Enron Corporation of Houston,
Tex.
