CHARLOTTE, N.C.--(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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