The Babcock and Wilcox Co. (B&W) announced Wednesday that its has concluded the spinoff of its power generation business unit as Babcock & Wilcox Enterprises Inc.
The spinoff activity was originally approved on June 8 by the board of directors for B&W. The new entity will be known on the New York Stock Exchange as BWXT.
“This is clearly an important day in the long history of our Company,”
John Fees, executive chairman of the newly minted company, said. “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.”
The company will continue its focus on developing and manufacturing naval nuclear reactors to be used on submarines and aircraft carriers. The company will also continue its services in fuel supply for the U.S. government and technical and managerial services to its operational sites.
“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,” B&W Enterprises President and CEO Peyton Baker said. “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.”
