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News Releases

B&W Announces Realignment of Commercial Nuclear Business in Response to Growing Demands

11 January 2012

The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that it is realigning its commercial nuclear business in response to changing market conditions, growth opportunities and the continuing progress of its small modular reactor (SMR) business.

Babcock & Wilcox Nuclear Energy, Inc. (B&W NE) will comprise all non-SMR commercial nuclear operations, including global nuclear services, commercial nuclear equipment manufacturing and all related global sales initiatives. Michael D. Lees is named President of the organization. Lees will also continue to serve as President of Babcock & Wilcox Canada Ltd. headquartered in Cambridge, Ontario.

Babcock & Wilcox Modular Nuclear Energy, Inc. (B&W MNE) will comprise all operations that relate to the research, development and deployment of B&W's SMR initiative using B&W mPower™ technology. Christofer M. Mowry is named President of B&W MNE. B&W's majority-owned subsidiary, Generation mPower LLC, will report into B&W MNE.

Both Lees and Mowry will report directly to Mary Pat Salomone, Senior Vice President and Chief Operating Officer of B&W.

"Our SMR program is entering a crucial period for strategic growth," said Salomone, "while our commercial nuclear business continues to move forward at an accelerated pace. To be successful, both initiatives demand complete focus. This realignment better positions us to penetrate new and expanding markets, deploy an advanced technology that we believe will change the industry, and provide greater value to our shareholders while maintaining the highest quality of products and services our customers have come to expect."