Babcock & Wilcox Co.’s (B&W, NYSE:BWC) Board of Directors has approved the spin-off of the Power Generation business, creating a new public company named Babcock & Wilcox Enterprises Inc. (New B&W). The new company will operate as B&W and will be headquartered in Charlotte, N.C.
The remaining company will change its name to BWX Technologies (BWXT) on the date of the spin-off and will be headquartered in Lynchburg, Va. Beginning July 1, BWXT will trade on the New York Stock Exchange under the ticker symbol BWXT.
BWXT is the sole manufacturer of naval nuclear reactors for submarines and aircraft carriers; and the supplier of manufactured components and services for the commercial nuclear power industry.
BWXT’s Board of Directors will include:
John A. Fees: Executive Chairman
Peyton S. Baker: Chief Executive Officer (CEO)
Robert W. Goldman
Robb A. LeMasters
Charles W. Pryor, Jr.
Jan A. Bertsch
Admiral Richard W. Mies
Robert L. Nardelli
New B&W will also begin trading on the New York Stock Exchange on July 1, using the ticker symbol BW.
New B&W’s Board of Directors will include:
E. James Ferland: Chairman and CEO
Cynthia S. Dubin
Anne R. Pramaggiore
Thomas A. Christopher
Brian K. Ferraioli
Stephen G. Hanks
Larry L. Weyers
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