The Babcock & Wilcox Company (the “Company”) (NYSE:BWC) announced today that the Securities and Exchange Commission (the “SEC”) has declared effective the Form 10 registration statement filed by Babcock & Wilcox Enterprises, Inc. (“New B&W”). The Form 10 contains an information statement that prior to the distribution date will be sent to all stockholders of the Company entitled to receive shares of common stock of New B&W in the spin-off. The information statement provides additional details about New B&W and the spin-off. A copy of the preliminary information statement can be found on the Company’s website, www.babcock.com, under the Investor Relations tab.
As previously announced, the Company will change its name to BWX Technologies, Inc. (“BWXT”) on the date of the spin-off.
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 11,600 people, in addition to joint venture employees located at projects around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
The Company cautions that this release contains forward-looking statements relating to the spin-off of the Company’s power generation business. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the separation and distribution may not be completed as anticipated or at all, and delays or other difficulties in completing the separation or distribution, including the inability to satisfy the conditions for completing the spin-off. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2014, and New B&W’s registration statement on Form 10, including its preliminary information statement, filed with the SEC. The Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Aimee Mills, Media Relations Lead, 980-365-4145
Jenny Apker, Vice President, Treasurer and Investor Relations, 704-625-4937