B&W Announces Completion of Acquisition of Industrial Products and Services Firm MEGTEC
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced 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.
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.
For more information:
Babcock and Wilcox Company
13024 Ballantyne Corporate Place, Suite 700
Charlotte, North Carolina
United States, 28277
Vice President, Treasurer and Investor Relations
Ryan Cornell, Public Relations Specialist
The Babcock & Wilcox Company