Company Name: Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W)
Industry Sector: Advanced Manufacturing
Company Profile: Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets.
Company Website: www.babcock.com
- Jobs Retained: 750
- Capital Investment: $3,010,000
Babcock & Wilcox wanted to drive efficiency, become leaner, lower fixed overhead, and transition out of older, inefficient facilities. The company examined several locations to determine which facility could meet its long-term needs.
“The new Akron office will help us reduce our operating costs while also providing a dynamic, vibrant and exciting location for our employees to work and collaborate. It will also serve as an attractive location to help recruit new talent in the future.” - Leslie Kass, former president and CEO, Babcock & Wilcox
In September 2018, Babcock & Wilcox announced that it would relocate its headquarters from Charlotte, North Carolina, to Akron, Ohio, because it reduced operating costs and provides a rich talent pool.
Advanced manufacturing companies in Ohio such as Babcock & Wilcox consistently benefit from the state’s low-cost business environment, which sets up manufacturers for success. Ohio has a pro-manufacturing tax structure, including the lowest taxes in the Midwest for capital-intensive manufacturing, protecting the bottom line of companies like Babcock & Wilcox.
“As we work to serve a transforming global power industry, employees in our Ohio-based headquarters will continue to play a central role in the success of the company,” said Leslie Kass, former president and CEO, Babcock & Wilcox.
The company’s renovated facility is now complete. Check out the before and after comparison above.