CHARLOTTE, N.C.--(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.
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.
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.