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Babcock & Wilcox Announces European Growth
- Gary Cochrane Named Managing Director
- High-Growth Region Has $7 Billion Addressable Market
(AKRON, Ohio – September 2, 2020) – Babcock & Wilcox (B&W) (NYSE: BW) announced today that it is continuing to expand its presence in Europe to support the growth of its three business segments – B&W Renewable, B&W Environmental and B&W Thermal. Gary Cochrane has been named Managing Director of its European region and will lead the company’s efforts to leverage its established offices, manufacturing facilities and operations in the U.K., Germany, Denmark, Italy and Sweden to expand its footprint in Europe.
B&W is adding sales, service, operations and support staff to serve new and existing customers and pursue new opportunities across the region.
“B&W has successfully operated in Europe for many decades and is an industry leader in providing advanced technologies for biomass-to-energy, waste-to-energy, environmental, boiler cleaning and engineered solutions for a wide range of applications,” said B&W Chief Executive Officer Kenneth Young. “We’re increasing our presence to leverage these important markets by putting key management and operational teams in place, augmenting our staff and capabilities and pursuing new opportunities.”
“As Managing Director, Gary Cochrane will lead our efforts to build on our strong foundation in Europe and capitalize on the estimated addressable market of more than $7 billion over the next three years, as more European power providers and industries transition to cleaner energy options and advanced waste-to-energy and biomass technologies,” Young said. “He will coordinate our regional growth initiatives for all B&W product lines as we pursue new opportunities in renewable energy across all of Europe and provide customers with environmental, renewable and thermal solutions in these growing markets.”
Cochrane joined B&W in 2018, most recently holding responsibility for the company’s parts & service business across Europe, the Middle East and Africa. He previously served as a regional general manager for Weir Oil & Gas in Europe, Russia and the Caspian region. Prior to that, Cochrane was responsible for identifying and implementing market strategies and technologies for Oceaneering International Services. He earned his bachelor’s degree in energy and environmental engineering from Napier University in Edinburgh, Scotland.
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the company’s plan to expand its presence in Europe in support of the growth of its three business segments – B&W Renewable, B&W Environmental and B&W Thermal. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.