LYNCHBURG (WSLS 10) – Babcock and Wilcox will split into two publicly traded companies.
The power generation business will spin off into Babcock and Wilcox Enterprises, Inc. The company will be headquartered in Charlotte, N.C. The company will trade on the New York Stock Exchange under the ticker symbol BW.
The company produces clean energy and environmental technologies for the power and industrial sectors.
The remaining company will change its name to BWX Technologies, Inc. and be headquartered in Lynchburg. The company will trade on the New York Stock Exchange under the ticker symbol BWXT.
The company manufactures naval nuclear reactors for submarines and aircraft carriers, provides nuclear fuel to the U.S. government and assists governments in the operation of facilities.
Current stockholders will receive a dividend of one share of stock in the new company for every two shares of the current company. The tax-free distribution will occur on June 30, 2015.
The transaction is expected to be complete by the end of June.