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Babcock & Wilcox Enterprises, Inc. (NYSE:BW) shares are trading higher after the company inked a deal to sell its Denmark-based subsidiary, Babcock & Wilcox Renewable Service A/S, to Hitachi Zosen Inova for $87 million.
BWRS, which employs more than 160 people and provides aftermarket parts and services for waste-to-energy plants in northern Europe and the U.K., was transferred to HZI.
This transaction aligns with the company’s strategy to divest non-core businesses and assets. The company plans to use proceeds to reduce debt, increase liquidity, and support working capital.
Also Read: Babcock & Wilcox Bags $246M Fuel-Switching Project: Details
The company reiterated the full year 2024 adjusted EBITDA of $105 million-$115 million, excluding BrightLoop and ClimateBright expenses.
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.”
“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.”
At March-end, the company had total debt of $441.6 million and a cash, cash equivalents and restricted cash balance of $102.5 million.
Price Action: BW shares are up 14.4% at $1.66 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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