B&W Announces Completion of Acquisition of Industrial Products and Services Firm MEGTEC
June 23 2014 - 8:30AM
Business Wire
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&WHeadquartered 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
StatementsB&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.
Media Contact:The Babcock & Wilcox CompanyRyan
Cornell, 330-860-1345Public Relations
Specialistrscornell@babcock.comorInvestor Contact:The
Babcock & Wilcox CompanyJenny Apker, 704-625-4937Vice
President, Treasurer and Investor
Relationsinvestors@babcock.com