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NEWS: Subsidiary Sale for $87M
Babcock & Wilcox Announces Agreement to Sell its Denmark-Based Renewable Parts and Services Subsidiary
Babcock & Wilcox has sold its Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary to Hitachi Zosen Inova AG for $87 million, subject to customary fees and adjustments. The sale is part of B&W's strategic plan to reduce long-term debt and optimize its capital structure. BWRS, employing over 160 people, offers aftermarket parts and services for waste-to-energy plants in northern Europe and the UK. The transaction closed on June 28, 2024. B&W reiterates its Full Year 2024 Adjusted EBITDA target range of $105 million to $115 million, excluding BrightLoop and ClimateBright expenses. B&W will continue to focus on its core technologies and pursue a robust pipeline of opportunities in the renewable energy sector.
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