March 24, 2014
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced that the Company, and its Nuclear Production Partners team members, do not plan to take any further action in regard to the Y-12 National Security Complex (Y-12) and Pantex Plant (Pantex) management and operating contract award.
The current B&W-led teams at Y-12 and Pantex are fully engaged in supporting a smooth transition to the new contractor. B&W is dedicated to ensuring this process is completed on time, safely and securely, with minimal disruption to current missions.
B&W looks forward to continuing to work with the U.S. Department of Energy and the National Nuclear Security Administration and wishes to thank the employees at Y-12 and Pantex for the extraordinary work they have done in support of national security. The Company also appreciates the support it has received from the communities of Amarillo, Texas, and Oak Ridge, Tenn.
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 relating to the transition of the existing Y-12 and Pantex contracts, to the extent such statements can be viewed as an indicator of future B&W revenues. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in the transition period or adverse developments during the transition process. If one or more of these or other risks materialize, actual results may vary materially from those expressed in this release. For a more complete discussion of these and other risk factors, please see B&W's annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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.
For more information:
Babcock and Wilcox Company
13024 Ballantyne Corporate Place, Suite 700
Charlotte, North Carolina
United States, 28277
Contact person: Aimee Mills, Media Relations Lead
The Babcock & Wilcox Company
Contact person: Jenny Apker
Vice President, Treasurer and Investor Relations