Babcock & Wilcox Selling its Denmark-Based Renewable Parts and Services Subsidiary

July 1, 2024

DENVER, Colo., Jul 01, 2024 (247marketnews.com)- Babcock & Wilcox Enterprises, Inc. (NYSE:BW) sold its Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary to Zurich, Switzerland-based Hitachi Zosen Inova AG for $87 million, subject to customary fees and adjustments, and in alignment with B&W’s comprehensive business strategy to reduce long-term debt and optimize capital structure

Kenneth Young, B&W Chairman and Chief Executive Officer, commented, “This transaction aligns with our previously announced intention to strategically sell certain non-core businesses and assets, and proceeds will be used to reduce our debt, increase our liquidity and support working capital.

“Energy demand in the utility and industrial sector is rapidly increasing, which is reflected in our higher bookings and full-year outlook within our segments and businesses as we move forward. Accordingly, we are reiterating our previously stated Full Year 2024 Adjusted EBITDA target range of $105 to $115 million, excluding BrightLoop and ClimateBright expenses.

“B&W is a leader in technologies that provide clean, renewable energy from waste, and we will continue to leverage our core technologies, including our advanced DynaGrate® combustion grate, state-of-the-art boilers, fuel and ash handling systems and emissions control technologies in the European and global markets to support new build and large upgrade projects,” Young added. “We’re excited about the robust pipeline of opportunities we’re currently pursuing and the opportunity to continue to work closely with customers in these markets well into the future.”

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