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|The Babcock & Wilcox Company Begins Trading Today on the New York Stock Exchange|
CHARLOTTE, N.C., Aug 02, 2010 (BUSINESS WIRE) -- The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced that the spinoff from McDermott International, Inc. (McDermott) (NYSE: MDR) has been completed and that it begins regular way trading on the New York Stock Exchange today. On Friday, July 30, B&W became an independent, publicly owned company when B&W shares were distributed to McDermott International, Inc. stockholders.
Brandon C. Bethards will continue to serve as B&W's President and Chief Executive Officer and serves on B&W's Board of Directors. Mr. Bethards joined B&W in 1974, and has held positions of increasing responsibility within the power industry, leading to his current appointment in November 2008. In addition, John A. Fees, McDermott's former Chief Executive Officer, joins Bethards on the B&W Board of Directors as its Chairman.
"This is a memorable day for our shareholders and our employees," said Bethards. "B&W has a long history of delivering superior value to our many commercial and government customers. We fully expect to build upon that tradition as an independent company, committed to the highest standards of excellence in all of our operations to benefit our customers, shareholders, employees and the communities where we operate."
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 13,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.com.
SOURCE: The Babcock & Wilcox Company
The Babcock & Wilcox Company