BNFL has decided to try to sell its Westinghouse power-plant construction business for which it has received several approaches, it said today.
Westinghouse, which operates mostly in the United States, is worth about £1 billion and is expected to attract interest from engineering companies such as General Electric Co. and possibly private equity firms, sources said.
The sale process is expected to start next week with the sending out of small information packs to potential bidders by investment bank Rothschild, which is advising BNFL, the sources added.
The company is aiming to reach agreement with a buyer for the unit in about six months.
State-owned BNFL, which runs the Sellafield nuclear-reprocessing facility in Cumbria, said it made a loss of £344 million (€507 million) in the year through March, compared with £194 million a year earlier.