BWXT Completes Spin-Off of Power Generation Business
By Business Wire News
By Business Wire News
BWX Technologies, Inc. (BWXT) (NYSE:BWXT) has completed the spin-off of its Power Generation business and will begin trading today on the New York Stock Exchange under the new ticker symbol “BWXT.”
In 2014, The Babcock & Wilcox Company (B&W) announced its intent to spin off its Power Generation business, and on June 8, 2015, B&W’s board of directors approved the spinoff. The Power Generation business is now known as Babcock & Wilcox Enterprises, Inc.
BWXT is the sole manufacturer of naval nuclear reactors for submarines and aircraft carriers; provides nuclear fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has locations throughout North America.
BWXT is led by Executive Chairman John A. Fees and President and Chief Executive Officer Peyton S. (Sandy) Baker.
“This is clearly an important day in the long history of our Company,” said Mr. Fees. “We believe that our stable backlog and consistent earnings make us an attractive investment opportunity. As a standalone company, BWXT will have greater management focus on the distinct business of government and nuclear operations. We will also have greater ability to attract an investor base suited to our Company’s specific operational and financial characteristics.”
Mr. Baker said, “On behalf of our employees, I‘m proud to say that we are ready to continue our excellent work in safely providing products and services in some very specialized and high-consequence markets. We have an outstanding track record of using technical expertise and advanced technologies to deliver quality results, and we look forward to continuing that work for both the United States government and private customers.”
To learn more about BWXT, visit our website at www.bwxt.com.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has more than 5,200 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.