The transaction for B&W’s cooling tower and environmental businesses is subject to customary adjustments and expenses. (Source: Shutterstock)
Babcock & Wilcox Enterprises (B&W) has reached an agreement to sell its Italy-based SPIG SpA group of companies and Sweden-based Babcock & Wilcox Vølund AB to funds managed by AUCTUS Capital Partners AG for approximately $40 million.
B&W is divesting to focus on core businesses, such as coal-to-natural gas conversions in the U.S. and thermal, renewable and environmental technologies globally, the company said Oct. 10.
The transaction for B&W’s cooling tower and environmental businesses is subject to customary adjustments and expenses.
“This sale aligns with our previously-announced strategy to divest certain non-core businesses and assets to reduce our debt, improve our balance sheet and increase liquidity,” said Kenneth Young, B&W chairman and CEO. “Moving forward, we continue to see steadily increasing global demand for B&W’s core portfolio of technologies that support increased global energy demand from utilities and various industries.”
The deal is expected to close at the end of October and is subject to the satisfaction of customary closing conditions.
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