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WESTINGHOUSE, PHILIPPINES SETTLE NUCLEAR PLANT LAWSUIT

 WESTINGHOUSE, PHILIPPINES SETTLE NUCLEAR PLANT LAWSUIT
 PITTSBURGH, March 4 /PRNewswire/ -- Paul E. Lego, chairman and chief executive officer of Westinghouse Electric Corporation (NYSE: WX), announced today that Westinghouse and the Republic of the Philippines have agreed to settle their long-standing dispute over Westinghouse's construction of a nuclear power plant in the Philippines.
 Under the agreement, the Philippines will pay Westinghouse approximately $400 million to upgrade and remobilize the mothballed plant. Westinghouse will also be compensated for operating the plant.
 The plant has been virtually complete since 1985 but has never been operated. The planned upgrades should take about three years.
 The agreement announced today in U.S. District Court in Newark settles a 1988 lawsuit brought against Westinghouse by the Philippines government. The agreement does not alter Westinghouse's position that it acted properly in obtaining and carrying out the contract for the Philippines plant.
 In December 1991, an arbitration panel of the International Chamber of Commerce ruled that there was no evidence of wrongdoing in the award of the contract, similar to the conclusion of earlier investigations by the U.S. Department of Justice and the U.S. Securities and Exchange Commission.
 The settlement provides 180 days to finalize and approve the agreement's details. At that time, the lawsuit and arbitration proceedings will be dismissed.
 "We are pleased that we have been able to reach an agreement that is beneficial to both parties in this lengthy dispute," Lego said. "Both Judge Dickinson R. Debevoise and Judge Ronald Hedges have been very helpful in arriving at the settlement."
 Nathaniel D. Woodson, Westinghouse vice president for energy systems, said the agreement reached today is mutually beneficial in that it allows the Philippines to address the nation's energy shortages by providing 605 megawatts of needed power, and also provides revenues to Westinghouse.
 Woodson said: "Although neither side has changed its position on the circumstances surrounding the award of the 1976 contract, both sides have agreed it is now time to put this old dispute behind us and turn our attention to the power needs of the Philippine people."
 Under terms of the agreement, the Philippines will seek financing for the plant's remobilization and upgrading to current U.S. Nuclear Regulatory Commission standards. The loan proceeds will be used to pay Westinghouse for its work to bring the plant into operation. Westinghouse will provide the Philippine government $10 million in cash on approval of final agreements, make $75 million in credits available over three years to help the Philippines pay for Westinghouse nuclear plant services, and provide another $15 million in discounts related to other future business opportunities.
 "We look forward to resuming good commercial relations with our customers at the National Power Corporation who were our colleagues during the construction of the plant," Woodson said. "We pledge every effort to make this agreement and the plant a strong asset for both parties."
 /delval/
 -0- 3/4/92 R
 /CONTACT: Bob Henderson of Westinghouse Electric, 412-642-3117/
 (WX) CO: Westinghouse Electric Corp. ST: Pennsylvania IN: OIL SU:


DM -- PG013 -- 5197 03/04/92 19:19 EST
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Date:Mar 4, 1992
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