Babcock & Wilcox Reports Cost-savings Actions - Quick Facts

(RTTNews) - Babcock & Wilcox Enterprises, Inc. (BW) announced the company is implementing multiple actions to proactively improve its global cost structure. Key actions include: cost-savings initiatives across the company including domestic and international workforce reductions, SG&A cost reductions and office closures and consolidations in non-core geographies. Specific to B&W Vølund, the company is implementing a workforce reduction of approximately 30%. In total, these actions represent a workforce reduction of 9% and are expected to deliver annual savings of approximately $45 million in 2018. Total costs associated with these actions are anticipated to be approximately $20 million, most of which are expected to be recognized in fourth quarter 2017.

The company also initiated the process to evaluate strategic alternatives for its MEGTEC and Universal business lines. In addition, the company continues to evaluate potential options regarding non-core assets.