Babcock & Wilcox Enterprises (B&W) has closed its sale of the MEGTEC and Universal businesses to Dürr Group for US$130 million/€110 million, subject to adjustment.
Proceeds from the sale will be used to reduce outstanding balances under the company’s bank credit facilities, as well as to improves its balance sheet and financial flexibility.
The MEGTEC and Universal businesses will be fully consolidated within the Dürr Group from 5 October, the German company said. The two businesses are becoming part of Dürr’s environmental technology business, known as Clean Technology Systems.
“The acquisition of MEGTEC/Universal will create an effective global market leader in industrial exhaust-air purification technology capable of delivering first-class products and services to customers all around the world,” said Ralf W. Dieter, CEO of Dürr AG.
“Following the takeover, the Clean Technology Systems division will reach a critical size, with sales of around €400 million, to operate successfully in the world market in the long term. We then plan to use this as a basis for further expansion.”
MEGTEC, the larger of the two acquired segments, offers not only exhaust-air purification systems, but also dryers and coating systems for the production of electrodes for lithium-ion batteries. Universal is a leading supplier of acoustic solutions, specialising in noise and emission filtration systems.
Read the article online at: https://www.worldcement.com/product-news/10102018/bw-closes-sale-of-megtec-and-universal/