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Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE:BW) announced today that it has sold its Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary to Zurich, Switzerland-based Hitachi Zosen Inova AG (HZI) for $87 million, subject to customary fees and adjustments.
BWRS, which employs more than 160 people and provides aftermarket parts and services for waste-to-energy plants in northern Europe and the UK, was transferred to HZI upon closing on Friday, June 28, 2024.
"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," Kenneth Young, B&W Chairman and Chief Executive Officer, said.
"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."
Posted In: BW
