B&W to Expand Industrial Segment, Makes Executive Appointment
May 23 2017 - 7:30AM
Business Wire
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W) today
announced that effective July 1, 2017, its Industrial Steam
Generation group will transition from the Power segment to the
Industrial segment. In addition, effective immediately, Leslie Kass
has been named Senior Vice President, Industrial, to lead the
segment.
After July 1, the Industrial segment will include the company’s
B&W MEGTEC subsidiary based in DePere, Wis., its B&W SPIG
subsidiary based in Arona, Italy, its B&W Universal subsidiary
based in Stoughton, Wis., and the Industrial Steam Generation
group, which will continue to be based in Barberton, Ohio.
B&W’s Industrial segment provides custom-engineered
technologies for cooling, environmental, noise abatement and
industrial steam generation applications, as well as related
aftermarket services. With the addition of the Industrial Steam
Generation group, which produced more than $100 million in revenue
in 2016, the Industrial segment will be B&W’s second-largest,
with annual revenue of approximately $550 million.
“Our Industrial segment is a key part of our company and a
strong driver for growth as we continue to expand our non-coal
revenue base,” said Mr. E. James Ferland, B&W Chairman and
Chief Executive Officer. “Consolidating all of our Industrial
operations under Leslie’s leadership will provide strong vision,
focus and direction as we accelerate our efforts to grow this
segment of our company and diversify B&W’s overall revenue
stream, while ensuring we continue to provide outstanding service
to our existing customers in our industrial markets.
“Integrating our Industrial Steam Generation group into our
Industrial segment will also increase efficiency in our business
development efforts and promote more effective cross-selling of
related products and services in the industries we serve,” Ferland
added.
Kass has extensive engineering, operational and site-level
leadership experience with a number of utilities, along with a
strong background and acumen in working with the financial
community, shareholders and potential investors in both the utility
and government sectors.
Most recently, she served as Vice President of Retrofits and
Continuous Emissions Monitoring for B&W’s Power segment,
leading the company’s global retrofits business and working closely
with customers to develop solutions for their steam generation and
environmental needs. Before that, she held positions as Vice
President, Investor Relations & Communications, and as Vice
President of Regulatory Affairs. Prior to joining B&W, Kass
held a number of engineering and project management-related
positions of increasing responsibility with Westinghouse, Entergy
and Duke Energy.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a
global leader in energy and environmental technologies and services
for the power and industrial markets, and has been transforming our
world for 150 years. B&W companies employ approximately 5,000
people worldwide. Follow us on Twitter @BabcockWilcox and learn
more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
our strategic objectives and growth plans; management’s
expectations regarding the industries in which we operate; and our
anticipated revenues for 2017. These forward-looking statements are
based on management’s current expectations and involve a number of
risks and uncertainties, including, among other things, our ability
to realize anticipated savings and operational benefits from our
restructuring plan; our ability to successfully integrate SPIG and
Universal and realize the expected synergies from these
acquisitions; our ability to realize the benefits of expected
cross-selling opportunities from the SPIG and Universal
acquisitions; our ability to successfully address productivity and
schedule issues in our Renewable segment, including our efforts to
enhance its resources and infrastructure; changes in the
jurisdictional mix of our income and losses; disruptions
experienced with customers and suppliers; the inability to retain
key personnel; adverse changes in the industries in which we
operate; delays, changes or termination of contracts in backlog;
the timing and amount of repurchases of our common stock, if any;
the inability to grow and diversify through acquisitions; and the
success of our actions to improve the performance of our Renewable
segment. 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 B&W’s
filings with the Securities and Exchange Commission, including our
most recent annual report on Form 10-K and subsequent quarterly
reports on Form 10-Q. B&W 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170523005421/en/
Investors:Babcock & WilcoxChase Jacobson,
704-625-4944Vice President, Investor
Relationsinvestors@babcock.comorMedia:Babcock &
WilcoxRyan Cornell, 330-860-1345Public
Relationsrscornell@babcock.com
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