Loading ...Babcock & Wilcox announced Monday that it will move its corporate headquarters from downtown Lynchburg to Charlotte, N.C., in the near future and become an independent publicly traded company within one year. The move could affect as few as 12 of B&W’s 2,400 employees in the Lynchburg area because most of B&W’s operating groups will continue to be based in Lynchburg, a company spokesman said.
McDermott will be split into two companies: B&W and J. Ray McDermott S.A. The company expects the split to eliminate the risk that new rules on federal government contracts would stop B&W from getting contracts while a subsidiary of McDermott International, which is incorporated in Panama.
B&W spokesman Jud Simmons wrote in an e-mail that the company considered several headquarters locations before choosing Charlotte. He said Charlotte will provide benefits such as “ease of travel” and proximity to lenders, shareholders, customers and business partners. “We believe this move will strengthen our company, and we believe that anything that benefits B&W also benefits the Lynchburg area,” he said.
Read the full article by Bryan Gentry, published December 7, 2009: www2.newsadvance.com/lna/business/local/article/babcock_wilcox_to_spin_off_into_separate_firm/22063.
