B&W Awarded Contract to Manufacture Missile Tubes for Ohio Replacement Nuclear Submarines
(CHARLOTTE, N.C. – December 16, 2014) – The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG) has been awarded a competitively bid contract to manufacture a number of missile tube assemblies from an initial order for the Ohio Replacement nuclear submarine program.
The contract was awarded to B&W NOG by General Dynamics Electric Boat. The work will be conducted at B&W’s Mount Vernon, Ind., manufacturing facility and is expected to be completed in 2017. B&W expects to add approximately 30 new jobs at Mount Vernon to support this activity.
“B&W has a history of manufacturing missile tube assemblies for U.S. nuclear submarines, but it’s been since the 1990s that they have been needed,” said Peyton S. Baker, President and Chief Operations Officer for B&W’s Government & Nuclear Operations Group. “With the Ohio Replacement program moving forward, we are honored to be conducting this work again as part of our overall portfolio of national security projects.”
About B&W
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 11,600 people, in addition to joint venture employees located at projects around the world. Follow us on Twitter @BabcockWilcox and learn more atwww.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to expected benefits of the contract with General Dynamics Electric Boat. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the contract or modifications to the contract, including termination. If one or more of 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 its annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
###
Media Contact:
Jud Simmons
Corporate Communications
The Babcock & Wilcox Company
434.522.6462
hjsimmons@babcock.com
Investor Contact:
Jenny Apker
Vice President, Treasurer and Investor Relations
The Babcock & Wilcox Company
704.625.4937
investors@babcock.com