Babcock & Wilcox Enterprises, Inc. (NYSE: BW) announced the sale of its Denmark-based subsidiary, Babcock & Wilcox Renewable Service A/S (BWRS), to Hitachi Zosen Inova AG (HZI) for $87 million, subject to customary fees and adjustments. BWRS, employing over 160 people and providing aftermarket parts and services for waste-to-energy plants in northern Europe and the UK, was transferred to HZI on June 28, 2024.
“This transaction aligns with our strategy to sell non-core businesses and assets. Proceeds will be used to reduce debt, increase liquidity, and support working capital,” said Kenneth Young, B&W Chairman and CEO.
“Energy demand in the utility and industrial sectors is rising, reflected in our higher bookings and full-year outlook. We reiterate our 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. We will continue leveraging our core technologies, such as our DynaGrate® combustion grate, boilers, fuel and ash handling systems, and emissions control technologies in European and global markets to support new builds and large upgrade projects,” Young added. “We’re excited about the robust pipeline of opportunities we’re pursuing and look forward to continuing our close work with customers in these markets.”
