Babcock & Wilcox Enterprises is moving its headquarters from Charlotte to Ohio.
The power equipment company said in a statement late Monday that its decision to relocate to Akron was motivated at least in part by an incentives package it’s been offered by local Ohio officials.
B&W, which provides energy and environmental technologies and services to power and industrial customers, will have “a continued presence in Charlotte,” where employees will continue on in various sales, service and corporate administrative functions.
B&W currently employs 92 in Charlotte, spokesman Ryan Cornell said in an email to the Observer.
Cornell said the company is “actively searching” for smaller office space in and around Charlotte. The lease of its current office in Ballantyne expires next year, Cornell added.
B&W said the corporate relocation to Akron is effective immediately. The company said it anticipates its employees will move into its new office space when renovations in the East End development are finished in the third quarter of 2019.
B&W is the latest corporate headquarters to leave Charlotte recently.
Last week, Dollar Tree announced it would close the Matthews headquarters of Family Dollar and relocate all the corporate functions up to Chesapeake, Va. Earlier this year, RoundPoint Mortgage Servicing Corp. said it was moving its headquarters near Charlotte Douglas International Airport to Fort Mill, S.C. In 2015, banana company Chiquita announced it was pulling out of Charlotte after it was acquired by two Brazilian firms.
“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,” B&W CEO Leslie Kass said. “It will also serve as an attractive location to help recruit new talent in the future.”
In 2015, Babcock & Wilcox Co. spun off its power-generation business to become Charlotte-based Babcock & Wilcox Enterprises. The rest of the company became BWX Technologies, based in Virginia.
B&W has undergone a number of changes over the past year.
Last fall, an activist investor took a stake in Charlotte-based Babcock & Wilcox Enterprises and began pushing for cost-cutting and other changes at the company, which had seen a steep slide in its stock price. In February, the company replaced CEO James Ferland with Kass, a former senior vice president with the company. Earlier this summer, B&W announced it would sell off two of its businesses in a $130 million deal.