Westinghouse Electric Corporation
Formerly
  • Westinghouse Electric & Manufacturing Company (1886–1945)
  • Westinghouse Electric Corp. (1945–1997)
  • CBS Corp. (1997–2000)
TypePublic (1916-1997)[1]
NYSE: WX (1916-1997)[1]
Founded8 August 1886
FounderGeorge Westinghouse
FateAfter acquiring CBS in 1995, Westinghouse renamed "CBS Corporation" in 1997; then merged with Viacom in 1999 (completed in 2000)
Successor
Headquarters,
Area served
Worldwide
Divisions
Subsidiaries

The Westinghouse Electric Corporation was an American manufacturing company founded in 1886 by George Westinghouse. It was originally named "Westinghouse Electric & Manufacturing Company", and was renamed "Westinghouse Electric Corporation" in 1945. The company acquired the CBS television network in 1995, and was renamed as the first incarnation of "CBS Corporation", until being acquired by Viacom in 1999. That merger was completed on April 26, 2000.[8]

The Westinghouse trademarks are owned by Westinghouse Electric Corporation.[9] The nuclear power business, Westinghouse Electric Company, was spun off from the Westinghouse Electric Corporation in 1999.

History

George Westinghouse, founder
George Westinghouse, founder

Westinghouse Electric was founded by George Westinghouse in Pittsburgh, Pennsylvania, on January 8, 1886. The firm became active in developing electric infrastructure throughout the United States. The company's largest factories were located in East Pittsburgh Pennsylvania, and Lester, Pennsylvania[10] and in Hamilton, Ontario, where they made turbines, generators, motors, and switch gear for generation, transmission, and use of electricity.[11] In addition to George Westinghouse, early engineers working for the company included Frank Conrad, Benjamin Garver Lamme, Bertha Lamme (first woman mechanical engineer in the United States), Oliver B. Shallenberger, William Stanley, Nikola Tesla, Stephen Timoshenko and Vladimir Zworykin.

Early on, Westinghouse was a rival to Thomas Edison's electric company. In 1892, Edison was merged with Westinghouse's chief AC rival, the Thomson-Houston Electric Company, making an even bigger competitor, General Electric. Westinghouse Electric & Manufacturing Company changed its name to Westinghouse Electric Corporation in 1945.

Financial catastrophe and corporate reinvention

CBS Corporation

In 1990, Westinghouse experienced a financial catastrophe when the Corporation lost over one billion dollars due to bad high-risk, high-fee, high-interest loans made by its Westinghouse Credit Corporation lending arm.[12]

Westinghouse purchased CBS Inc. in 1995, for $5.4 billion.[13] Westinghouse Electric Corporation changed its name to and became the original "CBS Corporation" in 1997.[14] Also in 1997, the Power Generation Business Unit, headquartered in Orlando, Florida, was sold to Siemens AG, of Germany.[15] A year later, CBS sold all of its commercial nuclear power businesses to British Nuclear Fuels Limited (BNFL).[16] In connection with that sale, certain rights to use the Westinghouse trademarks were granted to the newly formed BNFL subsidiary, Westinghouse Electric Company.[16] That company was sold to Toshiba in 2006.[17]

In an attempt to revitalize the corporation, the Board of Directors appointed outside management in the form of CEO Michael H. Jordan, who brought in numerous consultants to help re-engineer the company in order to realize the potential that they saw in the broadcasting industry. Westinghouse reduced the workforce in many of its traditional industrial operations and made further acquisitions in broadcasting to add to its already substantial Group W network, purchasing CBS in 1995. Shortly after, Westinghouse purchased Infinity Broadcasting, TNN, CMT, American Radio Systems, and rights to NFL broadcasting. These investments cost the company over fifteen billion dollars. To recoup its costs, Westinghouse sold many other operations. Siemens purchased its non-nuclear power generation division, while other firms bought its defense electronics division, its metering and load control division (which was sold to ABB), its residential security division, the office furniture company Knoll, and Thermo King. With little remaining of the company other than its broadcasting division, Westinghouse renamed itself CBS Corporation in 1997.[18][citation needed]

Patents

During the 20th century, Westinghouse engineers and scientists were granted more than 28,000 U.S. government patents, the third most of any company.[19]

Products and sponsorships

Environmental incidents

There have been a number of Westinghouse-related environmental incidents in the US. Below is a short list of these. All of these are chemical pollution incidents; none of them involve nuclear reactors or nuclear pollution.

Timeline of company evolution

1880s

1888 Westinghouse brochure advertising their Alternating system
1888 Westinghouse brochure advertising their Alternating system
Share of the Westinghouse Electric and Manufacturing Company, issued March 31, 1910
Share of the Westinghouse Electric and Manufacturing Company, issued March 31, 1910

1890s

1900s to 1920s

1924 book on protective relays for AC and DC electrical systems by the Company
1924 book on protective relays for AC and DC electrical systems by the Company

1930s and 1940s

1950s to 1970s

Logo designed by Paul Rand in 1959
Logo designed by Paul Rand in 1959

1980s

1990s to 2020s

Employees

CEOs

Other

Overseas subsidiaries

Westinghouse established subsidiary companies in several countries including British Westinghouse and Società Italiana Westinghouse in Vado Ligure, Italy. British Westinghouse became a subsidiary of Metropolitan-Vickers in 1919 and the Italian Westinghouse factory was taken over by Tecnomasio in 1921.

See also

Notes

  1. ^ Second incarnation of CBS, formed as a legal successor of Viacom in 2006.

References

  1. ^ a b https://web.archive.org/web/20170202183745/http://www.djindexes.com/mdsidx/downloads/brochure_info/Dow_Jones_Industrial_Average_Historical_Components.pdf[bare URL PDF]
  2. ^ "W.G. BRYANT DIES; BRIDGE PORT BANKER; Chairman of Electrical Company and Inventor Succumbsat 66 in Colorado Springs.STARTED OWN FIRM IN 1889 Business Grew From $5,000 Plantto Manufacture His Devices to$3,000,000 Enterprise. Sold Plant to Westinghouse. Member of Many Clubs". The New York Times. 1930-07-06. ISSN 0362-4331. Retrieved 2022-05-05.
  3. ^ Kamen, Robin (November 24, 1997). "To Infinity and Beyond: Mel Takes on CBS". Crain's New York Business: 1.
  4. ^ "Viacom-CBS SEC Report".
  5. ^ "Westinghouse Bids for Role In the Remake: CBS Deal Advances TV's Global Reach". The New York Times. August 2, 1995.
  6. ^ Katz, Michael (February 17, 1997). "CBS makes cable a 'core business;' with purchase of TNN and CMT, network doubles its cable holdings". Broadcasting & Cable.
  7. ^ Fabrikant, Geraldine (1997-02-11). "Westinghouse To Buy Units From Gaylord For $1.5 Billion". The New York Times. ISSN 0362-4331. Retrieved 2022-05-05.
  8. ^ "CBS And Viacom Complete Merger". www.cbsnews.com. Retrieved 2021-02-16.
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