Babcock & Wilcox Successfully Completes Spin-Off, To Trade As Independent Company
July 01 2015 - 7:30AM
Business Wire
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW)
announced today that it has completed its spin-off from its former
parent company and its stock will trade independently on the New
York Stock Exchange beginning today.
Babcock & Wilcox was formerly the power generation segment
of The Babcock & Wilcox Company.
B&W will continue to be headquartered in Charlotte, N.C.,
with its largest center of operations in Barberton, Ohio. A global
company with major operations in the U.S., Canada, Mexico, China,
India, Denmark, Germany and other countries around the world,
B&W employs approximately 6,000 people, in addition to 2,500
joint venture employees.
“This is an exciting day for Babcock & Wilcox, its employees
and its shareholders,” said E. James Ferland, Chairman and Chief
Executive Officer of B&W. “With diverse lines of business in
energy, environmental and industrial technologies, I believe our
future as an independent company is exceptionally bright.”
“B&W has a proud heritage spanning 148 years,” Ferland said.
“We’ll maintain that heritage while continuing to look for
opportunities to grow and diversify our business.”
With the completion of its spin-off from its former parent
company, Babcock & Wilcox will be comprised of three primary
business segments:
Global Services Division
This unit’s primary focus will include service projects, field
engineering, replacement parts and construction for energy and
industrial customers around the world. Global Power Division Senior
Vice President Mark Low will lead this division.
Global Power Division
This unit’s primary focus will include the engineering,
manufacture, procurement, commissioning and construction of
renewable and fossil fuel power plants and environmental systems
and other related equipment for the worldwide energy industry, as
well as B&W’s joint venture operations. Global Power Division
Senior Vice President Paul Scavuzzo will lead this division.
Industrial Environmental Division
This unit currently is comprised of Babcock & Wilcox
subsidiary B&W MEGTEC and will provide advanced environmental
technologies and services for industrial customers worldwide.
Industrial Environmental Division Senior Vice President Ken Zak
will lead this division.
B&W’s new board of directors includes Ferland as Chairman,
as well as Thomas A. Christopher, Cynthia S. Dubin, Brian K.
Ferraioli, Stephen G. Hanks, Anne R. Pramaggiore and Larry L.
Weyers.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a
global leader in energy and environmental technologies and services
for the power and industrial markets. B&W companies employ
approximately 6,000 people around the world. Follow us on Twitter
@BabcockWilcox and learn more at www.babcock.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701005334/en/
Babcock & WilcoxMedia:Ryan Cornell,
330-860-1345Public
Relationsrscornell@babcock.comorInvestors:Leslie
Kass, 704-625-4937Vice President Investor Relations and
Communicationsinvestors@babcock.com
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