Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) today announced it
has completed its acquisition of SPIG S.p.A., a global provider of
custom-engineered cooling systems and services. The acquisition is based
on an enterprise value of €155 million, subject to certain adjustments.
SPIG will retain its management team and operate as Babcock & Wilcox
SPIG (B&W SPIG), a subsidiary of B&W based in Arona, Italy.
“I’m pleased to welcome SPIG and its employees to B&W,” said B&W
Chairman and Chief Executive Officer E. James Ferland. “SPIG’s long
heritage of engineering excellence is a natural fit with our
organization, and this acquisition will broaden our technology-based
offerings to industrial and power generation customers, while providing
SPIG new paths for growth through B&W’s customer base and geographic
footprint.”
SPIG will be integrated with B&W in the coming months, allowing its
approximately 250 employees located around the world to take advantage
of B&W’s global sales, operations and business development resources.
SPIG’s products and services include air-cooled (dry cooling) systems,
mechanical draft wet cooling towers and natural draft wet cooling
hyperbolic towers, as well as end-to-end aftermarket services, including
spare parts, upgrades/revamps for existing installations and remote
monitoring. SPIG provides comprehensive cooling solutions and services
to the power generation industry, including natural gas-fired and
renewable energy power plants, as well as downstream oil and gas,
petrochemical and other industrial end markets.
“With this acquisition, B&W continues to grow and diversify our business
with technologies and services that complement our existing portfolio
and areas of expertise,” Ferland explained. “Adding high quality,
custom-engineered cooling systems to our range of solutions expands the
value we can offer our customers, with significant cross-selling
opportunities, while SPIG’s presence in the downstream oil, gas and
petrochemical industries broadens our industrial reach.”
SPIG was established in 1936, and since then has provided customers with
an increasingly extensive range of high-quality cooling towers, air
cooled condenser and related services. SPIG has offices in Italy, the
U.S., Brazil, China, Germany, India, the Russian Federation, South
Korea, Turkey and the United Arab Emirates.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader
in energy and environmental technologies and services for the power and
industrial markets. B&W companies employ approximately 5,700 people
around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements,
including, without limitation, statements relating to our acquisition of
SPIG. These forward-looking statements are based on management’s current
expectations and involve a number of risks and uncertainties, including,
among other things, our ability to successfully integrate SPIG and
realize the expected synergies from the acquisition; our ability to
realize the benefits of expected cross-selling opportunities; and the
performance of SPIG. For a more complete discussion of other risk
factors, see B&W’s filings with the Securities and Exchange Commission,
including its annual report on Form 10-K and subsequent quarterly
reports on Form 10-Q. 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.
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