B&W to Acquire GE Energy’s Electrostatic Precipitator and Emissions Monitoring Businesses
15 März 2010 - 5:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”),
announced today that one of its subsidiaries, Babcock & Wilcox
Power Generation Group, Inc. (“B&W”) has signed a contract with
GE Energy, a division of General Electric Company, to acquire its
electrostatic precipitator (“ESP”) and emissions monitoring
business units.
Under the terms of the transaction, B&W will acquire the
assets of GE Energy’s ESP and emissions monitoring business units,
including its ESP replacement parts and mechanical components
product lines, ESP performance-enhancing hardware and controls,
continuous emissions monitoring systems, data acquisition and
handling system, as well as the ESP and emissions monitoring remote
diagnostics and services offerings. These products and services are
used by a wide variety of power generation and industrial customers
to monitor and control particulates and other emissions from power
plants, factories and other facilities.
GE Energy’s ESP and emissions monitoring businesses employ
approximately 220 people at offices in Kansas City, Missouri,
Folkston, Georgia, Newport News, Virginia, and Hatfield,
Pennsylvania, in the United States, as well as locations globally.
Employees will transition to B&W in the coming months.
“This acquisition enhances B&W’s already strong
environmental equipment and services capabilities,” said Richard L.
Killion, President and Chief Operating Officer of Babcock &
Wilcox Power Generation Group, Inc. “We’re confident the knowledge
and experience of these highly-skilled employees and the ability to
offer new products and services to current and prospective
customers will be a valuable addition to our strategic growth
plan.”
The deal is expected to close following the satisfaction of
customary closing conditions. Financial terms of the agreement were
not disclosed.
McDermott is an engineering and construction company, with
specialty manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are predominantly utilities
and other power generators, major and national oil companies, and
the United States Government. With its global operations, McDermott
operates in over 20 countries with more than 25,000 employees.
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott cautions that
statements in this release that are forward-looking and provide
other than historical information involve risks and uncertainties
that may impact the actual results realized from the proposed
acquisition. The forward-looking statements in this release include
statements regarding the closing of and expected benefits from this
acquisition. Those statements are made based on various underlying
assumptions and are subject to numerous uncertainties and risks,
including, without limitation, delays or other difficulties in
satisfying closing conditions and difficulties in integrating the
acquired business with B&W's operations.
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