Babcock & Wilcox Completes Acquisition of Renewable Parts and Service Firm, VODA A/S
AKRON, Ohio–(BUSINESS WIRE)–$BW #biomass–Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced today that it has completed its previously announced acquisition of VODA A/S, a leading multi-brand aftermarket parts and service provider for energy plants in Scandinavia. The combined VODA A/S and B&W service business will be part of the company’s B&W Renewable segment, creating a platform for growth in renewable service in Europe.
“We are excited to enhance our renewable energy parts and service capabilities with this acquisition and welcome the VODA team to B&W,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “VODA has experienced, customer-focused and knowledgeable employees and aligning this organization with B&W’s decades of experience, strong balance sheet and deep resources will make us an even stronger force, not only in the waste-to-energy and biomass-to-energy sectors in the European market, but also as we continue to expand our renewable service business to other energy and industrial customers.”
Christopher Nysted Sørensen, formerly the Chief Executive Officer of VODA, will be responsible for integrating the VODA team with B&W Renewable’s aftermarket service operations and leading the growth of this business.
B&W Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation for a variety of industries including waste-to-energy, biomass and biofuels, hydrogen, pulp and paper and solar. Its aftermarket service operations provide plant and engineering services, spare parts, outage support and management services regardless of original manufacturer.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the growth of B&W in the waste-to-energy and biomass-to-energy sectors in the European market, as well as the expansion of B&W’s renewable services business. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Contacts
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | investors@babcock.com
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | rscornell@babcock.com
