Babcock & Wilcox Enterprises Inc. announced a round of layoffs Tuesday as part of a restructuring of its coal-fired power generation business.
As many as 113 employees are expected to lose their jobs at the company's Barberton location, a source familiar with the situation told newsnet5.com.
The City of Barberton issued this statement in response to the layoffs:
Today, Babcock & Wilcox (B&W) announced a reduction in the workforce at their Barberton Location.
Mayor Judge and his administration previously met with B&W’s CEO and leadership team and more recently reached out to B&W just last week, yet there was no discussion related to workforce reduction.
As with any workforce reduction, the impact to the local economy will be detrimental to the City budget and, most importantly, the employee and their household.
As always, the City is dedicated in assisting local businesses in economic challenges. Mayor Judge’s office is always open to any organization or individual seeking assistance or looking for an opportunity in our community.
Mayor Judge stated, “I understand the difficulty created by any workforce reduction and my administration will reach out to B&W in order to offer assistance to affected employees. B&W continues to play an important role in our community and we look forward to continuing our relationship with them. Over the years, the City has faced similar challenges and I’m confident our continued efforts toward economic development will create positive impacts.”
According to Market Watch, this comes after Babcock & Wilcox slashed its 2016 profit outlook.
The company is headquartered in Charlotte, NC.