CHARLOTTE, N.C. -- (BUSINESS WIRE) -- The Babcock & Wilcox Company (B&W) (NYSE:BWC) has announced a restructuring of its government operations. Effective immediately, the Babcock & Wilcox Nuclear Operations Group, Inc. (NOG), its subsidiary operations at Nuclear Fuel Services, and the Babcock & Wilcox Technical Services Group, Inc. (TSG) will operate under a single leader, naming Peyton S. (Sandy) Baker as President and Chief Operating Officer (COO).
“Consolidating these operations under a single leader helps us to better leverage the synergies that exist between our government nuclear business and our management and operations initiatives,” said E. James Ferland, President and Chief Executive Officer of B&W. “The restructuring also provides for greater efficiencies that will result in cost savings to B&W and our customer."
“I am confident in Sandy’s ability to lead this broader organization,” said Ferland. “With more than 40 years of service with B&W, Sandy has a proven track record of success and has built an enormous amount of credibility both within the company and with our customer and other external stakeholders.”
In addition to Mr. Baker’s appointment, Kenneth R. Camplin is named Vice President and Chief Business Development Officer for B&W’s government operations. Charles G. (Chuck) Spencer, will serve as COO of TSG, leading the business’ day-to-day operations. Mr. Camplin and Mr. Spencer will both report to Mr. Baker.
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 12,000 people, in addition to approximately 10,200 joint venture employees. Learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements regarding management plans for our government operations and expected cost savings. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the risk that the restructuring will not achieve the expected level of cost savings and efficiencies. If these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2013. 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.