The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary, Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), has completed the acquisition of MEGTEC, a De Pere, Wis.-headquartered industrial processes solutions provider, based on an enterprise value of $155 million, subject to adjustments.
MEGTEC will operate as a subsidiary of B&W PGG under the trade name of Babcock & Wilcox MEGTEC (B&W MEGTEC). Its management team will continue with the company, and the company will continue to be headquartered in De Pere.
“We’re excited to welcome B&W MEGTEC’s employees and customers to The Babcock & Wilcox Company,” said B&W PGG President and Chief Operating Officer J. Randall Data. “Both companies have a strong heritage of technology development and innovation that we believe will provide many opportunities for diversification and growth worldwide.”
“We expect a smooth transition and integration process with no business disruption,” Data said. “B&W MEGTEC’s customers will continue to receive the same outstanding level of service to which they’re accustomed.”
B&W MEGTEC employs approximately 600 people in the United States, Canada, France, Italy, Sweden, Germany, the United Kingdom, China, India and Australia. The company designs, engineers, manufactures and services sophisticated air pollution control systems and coating and drying equipment for the industrial sector.
B&W MEGTEC’s environmental solutions products include oxidizers, energy recovery systems, solvent recovery systems, distillation systems, scrubbers, wet electrostatic precipitators (wet ESP) and other equipment for industrial applications.
Its engineered products offerings include integrated custom coating and drying technologies with applications ranging from digital printing to energy storage.
B&W MEGTEC also provides aftermarket services, including equipment upgrades, process energy optimization, rebuilds and parts, for its own and competitors’ equipment, as well as preventive maintenance support.
About B&W
Headquartered in Charlotte, N.C.,
The Babcock & Wilcox Company is a leader in clean energy technology and
services, primarily for the nuclear, fossil and renewable power markets,
as well as a premier advanced technology and mission critical defense
contractor. B&W has locations worldwide and employs approximately 11,600
people, in addition to approximately 10,200 joint venture employees.
Learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W
cautions that this release contains forward-looking statements,
including statements relating to the management’s expectations for
growth opportunities and the MEGTEC integration process. These
forward-looking statements involve a number of risks and uncertainties,
including, among other things, our ability to execute on our integration
plan for MEGTEC and capitalize on new business opportunities. If one or
more of these or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of these
and other risk factors, please see B&W's annual report on Form 10-K for
the year ended December 31, 2013 and subsequent quarterly reports on
Form 10-Q filed with the Securities and Exchange Commission. B&W
cautions not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and
undertakes no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
Contacts:
The Babcock & Wilcox Company
Ryan
Cornell, 330-860-1345
Public Relations Specialist
rscornell@babcock.com
or
Investor
Contact:
The Babcock & Wilcox Company
Jenny
Apker, 704-625-4937
Vice President, Treasurer and Investor
Relations
investors@babcock.com