B&W Completes Acquisition of Cooling Systems and Services Firm SPIG
July 05 2016 - 8:30AM
Business Wire
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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version on businesswire.com: http://www.businesswire.com/news/home/20160705005337/en/
Babcock & WilcoxInvestors:Leslie Kass,
704-625-4944Vice President, Investor Relations and
Communicationsinvestors@babcock.comorMedia:Ryan Cornell,
330-860-1345Public Relationsrscornell@babcock.com
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