Babcock & Wilcox boosts share repurchase plan to USD 150m
Dec 7, 2012 - US power systems supplier Babcock & Wilcox Co (NYSE:BWC), or B&W, said Thursday it planned to repurchase more of its common shares to up to USD 150 million (EUR 116m) before March 31, 2013.
Previously the company, which provides technology to the nuclear, fossil and renewable energy markets, planned to buy back up to USD 100 million worth of its common stock.
James Ferland, the company’s president and chief executive, said that the current market conditions were favourable for share buybacks as the current share price undervalued the company in the long term.
The buybacks will be made under a USD-250-million share repurchase programme that was authorised by B&W’s shareholders in November 2012.