Babcock & Wilcox Enterprises, Inc completed on 1 July its spin-off from its parent company. Its stock will trade independently on the New York Stock Exchange. B&W was formerly the power generation segment of The Babcock & Wilcox Company in the USA.
B&W will continue to be headquartered in Charlotte, North Carolina, with its largest centre of operations in Barberton, Ohio. It has major operations also in Canada, Mexico, China, India, Denmark, Germany and other countries around the world, and employs 6000 people directly.
With the completion of its spin-off Babcock & Wilcox will be comprised of three primary business segments:
- a Global Services division focusing on service projects, field engineering, replacement parts and construction for energy and industrial customers;
- a Global Power division focusing on the engineering, manufacture, procurement, commissioning and construction of renewable and fossil fuel power plants and environmental systems;
- and an Industrial Environmental division comprised of B&W subsidiary B&W MEGTEC and providing environmental technologies and services for industrial customers.
B&W has had a diverse history since its founding as The Babcock & Wilcox Company in the USA in 1865 following its development of the first water tube boiler, and the setting up of the separate UK company, Babcock & Wilcox Ltd in 1891.