B&W Announces Plan to Increase Near-term Share Repurchase Activity by Up To $50 Million
CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Babcock & Wilcox Company (BWC) (B&W) (NYSE:BWC) announced today that it plans to increase the amount of common stock to be repurchased over the next several months to a total of up to $150 million. The Company had previously said it planned to acquire $100 million of common stock before March 31, 2013.
With the stock trading at recent levels, we believe repurchasing additional stock is an excellent use of capital. We have confidence there is long-term value in the Company that is not currently being reflected in the stock price and this is an opportunity to capture some of that value for our shareholders, said E. James Ferland, President and Chief Executive Officer. In November 2012, the Company announced authorization for a $250 million share repurchase program.
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 12,700 people, in addition to approximately 10,400 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 our plans to repurchase our common stock and our beliefs regarding use of capital and the long-term value in the Company. These forward-looking statements involve a number of risks and uncertainties, including, among other things, fluctuations in our stock price and adverse changes in our liquidity. 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 annual report on Form 10-K for the year ended December 31, 2011 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 this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
The Babcock & Wilcox Company
Ryan Cornell, Public Relations Specialist, 330-860-1345
Jenny L. Apker, Vice President, Treasurer and Investor Relations, 704-625-4937
Source: The Babcock & Wilcox CompanyCopyright Business Wire 2012