Industry

摘要

On July 2, the board of directors of Mc-Dermott International voted in favor of the divestiture of one of the company's subsidiaries, The Babcock & Wilcox Company. The move was proposed last year in response to developing changes in the laws pertaining to companies doing business with the federal government. B&W is a major government contractor, especially for the U.S. Navy. McDermott shareholders were to receive one share of B&W common stock for every two shares of McDermott common stock held at the close of business on July 9. The deal was to be closed on July 30, with public trading of B&W to begin on August 2.