B&W reports purchase of SPIG.
M2 EQUITYBITES-July 6, 2016-B&W reports purchase of SPIG
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Energy technologies company Babcock & Wilcox Enterprises (B&W) (NYSE:BW) disclosed on Tuesday the completion of the acquisition of SPIG SpA for an enterprise value of EUR155m, subject to certain adjustments.
In conjunction with the acquisition, SPIG will retain its management team and operate as Babcock & Wilcox SPIG (B&W SPIG), a subsidiary of B&W based in Arona, Italy.
Following closing, SPIG will merge with and into B&W, allowing 250 employees 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, spare parts, upgrades/revamps for existing installations and remote monitoring. It provides comprehensive cooling solutions and services to the power generation industry, natural gas-fired and renewable energy power plants, as well as downstream oil and gas, petrochemical and industrial end markets.
Since its foundation in 1936, SPIG has provided customers with an increasingly extensive range of high-quality cooling towers, air cooled condenser and related services, with offices in Italy, the US, Brazil, China, Germany, India, the Russian Federation, South Korea, Turkey and the United Arab Emirates.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 6, 2016|
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