Babcock & Wilcox Successfully Completes Spin-Off, To Trade As Independent Company
By Business Wire News
By Business Wire News
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.
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.