BABCOCK & WILCOX PURCHASES ASSETS OF JOY ENVIRONMENTAL TECHNOLOGIES.NEW ORLEANS--(BUSINESS WIRE)--Dec. 21, 1995--McDermott International, Inc. (NYSE NYSE See: New York Stock Exchange :MDR MDR, n See multidrug resistance. MDR, n the abbreviation for minimum daily requirement, specifically the Minimum Daily Requirements for Specific Nutrients compiled by the United States Food and Drug Administration. ), announced today that its Babcock & Wilcox Power Generation Group has purchased the assets of Joy Environmental Technologies Inc. (JET) from Harnischfeger Industries, Inc. (NYSE:HPH HPH Health Promoting Hospitals HPH Haiphong Catbi (airport code, Vietnam) HPH Highland Park Hospital HpH Helix Pomatia Hemocyanin HPH High Performance Helicopter HPH Hodge Podge Hardware HPH Hutchinson Port Holdings, Ltd. ). Terms were not disclosed. JET specializes in technologies used by electric utilities and other industrial companies to comply with clean air regulations. JET also supplies Allen-Sherman-Hoff (A-S-H ) ash-handling systems and all aftermarket parts and services. JET has offices in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ; Malvern, Pennsylvania Malvern is a borough in Chester County, Pennsylvania, United States. The population was 3,059 at the 2000 census. Geography Malvern is located at (40.034557, -75.514396). ; and a warehouse facility in Honeybrook, Pennsylvania. The acquisition significantly expands the environmental equipment products offered by B&W, particularly in the industrial market. Products added to the B&W line include acid mist precipitators, electrostatic precipitators and dry flue-gas desulfurization systems and baghouses. These products will be transferred to B&W's Power Generation Group headquarters in Barberton, Ohio Barberton is a city in Summit County, Ohio, United States. The population was 27,899 at the 2000 census. It is part of the Akron metropolitan area and has the ZIP code 44203. Geography Barberton is located at (41.015805, -81. . Under the agreement, responsibility for ash handling systems will be transferred to Diamond Power Specialty Company, a division of B&W headquartered in Lancaster, Ohio Lancaster is a city in Fairfield County, Ohio, in the United States. As of the 2000 census, the city population was 35,335. It is located near the Hocking River, approximately 33 miles (53 km) southeast of Columbus, Ohio. . Diamond Power is the leading supplier of boiler cleaning and diagnostic equipment and services to the power generation industry worldwide. "This acquisition is excellent for B&W," commented Walt Boomer, president of the B&W Power Generation Group. "It diversifies our environmental product line and improves our ability to meet the full-scope of our customer's demands. It is a particularly good fit for Diamond Power because Joy's ash handling business gives Diamond an additional product line. We expect that this will expand Diamond's market potential quite dramatically." "Merging the best of Joy's technology into ours will not only increase our reach in the environmental equipment industry," Boomer said, "it will also help us as we continue to develop new environmental products for the future." Harnischfeger Industries is a diversified international holding company that operates three subsidiaries involved in papermaking machinery manufacturing (Beloit Corporation), surface mining and overhead material handling equipment manufacturing (Harnischfeger Corporation) and underground mining equipment (Joy Technologies Inc.). The Babcock & Wilcox Power Generation Group is an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of McDermott International, Inc. (NYSE:MDR), a leading worldwide energy services company. The company and its subsidiaries manufacture steam-generating equipment, environmental equipment, and products for the U.S. government. They also provide engineering and construction services for industrial, utility and hydrocarbon processing facilities. Through its majority ownership of J.Ray McDermott, S.A., (NYSE:JRM JRM Journal of Recreational Mathematics JRM Journal of Reproductive Medicine ), McDermott International also participates in offshore construction. CONTACT: McDermott International, Inc., New Orleans Don Washington, 504/587-4080 |
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