Babcock & Wilcox Enterprises, Inc. is an American energy technology and service provider that is active and has operations in many international markets with its headquarters in Akron, Ohio. Historically, the company is best known for their steam boilers.
The company was founded in 1867 in Providence, Rhode Island, by partners Stephen Wilcox and George Babcock to manufacture and market Wilcox's patented water-tube boiler.[2] B&W's list of innovations and firsts include the world's first installed utility boiler (1881); manufacture of boilers to power New York City's first subway (1902); first pulverized coal power plant (1918); design and manufacture of components for USSNautilus, the world's first nuclear-powered submarine (1953–55); the first supercritical pressure coal-fired boiler (1957); design and supply of reactors for the first U.S. built nuclear-powered surface ship, NSSavannah (1961).[3]
The old B&W company logo, showing the world as an Aeolipile
The company was founded in 1867 by Stephen Wilcox, Jr. and his partner George Herman Babcock with the intention of building safer steam boilers. Stephen Wilcox first avowed that “there must be a better way” to safely generate power, and he and George Babcock responded with the design for the first inherently safe water-tube boiler. B&W was the main builder of naval boilers for American forces during World War II, and were a supplier to the Manhattan Project. After the war they entered the nuclear reactor business, and became a major supplier for commercial nuclear power plants. They also built naval nuclear reactors, including for the first commercial nuclear ship. In 2000 the company filed for bankruptcy due to lawsuits from employees over asbestos exposure; they emerged from bankruptcy in 2006.
Babcock & Wilcox Co. works, Bayonne, New Jersey, c.19191913 Babcock & Wilcox boiler sectionCurrent logo without the "Babcock & Wilcox" text
In 1867, Stephen Wilcox, Jr. and his partner George Herman Babcock, of Providence, Rhode Island, patented their so-called safety boiler (“Improvements in Steam Generators,” U.S. Patent No. 65,042). Its water was dispersed in many small tubes that resisted exploding when heated, a significant advance over conventional shell boilers, whose water was concentrated in a single container. When overheated, seams of the shell could burst, causing an explosion, often with fatal consequences. The water tube boiler had the added advantages that it could generate steam under higher pressure and more efficiently than existing designs.[4][5]
In 1891, Babcock & Wilcox Ltd is established as a separate United Kingdom company, to be responsible for all sales outside the US and Cuba.[6]
In 1895, Supply of steam furnaces of Kahrizak sugar factory, Tehran, Iran [7]
In 1898, Robert Jurenka and Alois Seidl signed an agreement with the British division of Babcock & Wilcox Ltd to make the Berlin, Germany Babcock sales office into a subsidiary of the British company; a factory in Oberhausen in the Ruhr district made the boiler designed by the American engineers.[8]
In 1902, the New York City's first subway is powered by B&W boilers.[9]
Between 1941 and 1945 B&W designed and delivered 4,100 marine boilers for combat and merchant ships, including 95 percent of the US fleet in Tokyo Bay at Japanese surrender.
On February 22, 2000, B&W filed for Chapter 11 bankruptcy in part as a result of thousands of claims for personal injury due to prolonged exposure to asbestos and asbestos fibers. Claims included asbestosis, lung cancer, pleural and peritoneal mesothelioma. As a condition of emerging from bankruptcy, B&W created a trust fund to compensate victims for amounts far less than settlements paid in individual personal injury lawsuits.[14][15]
After B&W emerged from bankruptcy in 2006, B&W and BWX Technologies, both subsidiaries of the McDermott International, Inc., merged on 26 November 2007 to form The Babcock & Wilcox Companies, headed by President John Fees. The old company logo was changed.[16]
On June 10, 2009, B&W unveiled B&W Modular Nuclear Energy, LLC (B&W MNE).[17] On the same day, B&W MNE announced its plans to design and develop the B&W mPower reactor, a modular, scalable nuclear reactor. The B&W mPower reactor design is a 125 megawatt, passively safe Advanced Light Water Reactor (ALWR) (a Generation III reactor) with a below-ground containment structure.[18] The reactor is set to be manufactured in a factory, shipped by rail, then buried underground.[19][20]
On May 12, 2010, B&W announced that it and its subsidiaries would be spun off from its parent company, McDermott International, Inc.[21] The headquarters moved from Lynchburg, Virginia to Charlotte.[22] and the company became The Babcock & Wilcox Company.
On June 30, 2015, Babcock & Wilcox completed a spinoff from BWX Technologies, its former parent company. The two companies began trading separately on July 1 when Babcock & Wilcox Enterprises, Inc. was listed on the New York Stock Exchange under the ticker symbol: BW.[24]
On September 24, 2018, Babcock & Wilcox announced that it would move its corporate headquarters from Charlotte to Akron, Ohio, into space formerly occupied by the Goodyear Tire and Rubber Company prior to its move to a new building nearby.
On December 30, 2019, Babcock & Wilcox relocated its corporate headquarters from Barberton, Ohio, to Akron, Ohio.
US$999 million (2023)
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