Dürr AG is to acquire the MEGTEC and Universal businesses from Babcock & Wilcox (B&W), the companies have announced. Under the agreement, Dürr will acquire the three B&W subsidiaries, Babcock & Wilcox MEGTEC LLC, Babcock & Wilcox MEGTEC Holdings Inc., and Babcock & Wilcox Universal Inc. for €110 million (US$130 million).
The MEGTEC and Universal businesses will be combined with Dürr’s current exhaust-air purification technology business to form a new environmental technologies group with annual sales of around €400 million and 1500 employees.
“Through this acquisitions, we are establishing a leading company with sales of around €400 million and the broadest technology and service range in the market,” said Dr Jochen Weyrauch, who sits on Dürr’s Board of Management and has responsibility for its environmental technology business, as well as M&A. “The global set up of the new unit provides an excellent basis for growth in the company years.”
MEGTEC offers a range of emissions control technology for various industries, including the cement industry. Its products include fabric filters, wet and dry electrostatic precipitators (ESPs), and selective catalytic and selective non-catalytic reduction (SCR/SNCR) systems.
The acquisition is expected to be completed in 3Q18, subject to the usual antitrust conditions and regulatory approvals.
The news comes shortly after B&W received a non-binding indication of interest from existing shareholder, Steel Partners, to fully acquire B&W, including MEGTEC and Universal Inc. It is unclear how Dürr’s acquisition of those businesses will impact Steel Partners bid.
Read the article online at: https://www.worldcement.com/product-news/07062018/drr-to-acquire-megtec-and-universal-from-bw/