B&W Completes Acquisition of Cooling Systems and Services Firm SPIG
SPIG will retain its management team and operate as Babcock & Wilcox SPIG
CHARLOTTE, N.C. — Babcock & Wilcox Enterprises Inc. (B&W) 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 E. James Ferland, B&W chairman and chief executive officer. “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 said. “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 has offices in Italy, the U.S., Brazil, China, Germany, India, the Russian Federation, South Korea, Turkey, and the United Arab Emirates.
For more information about Babcock & Wilcox, visit www.babcock.com.
Publication date: 7/26/2016