Babcock & Wilcox announces $155M acquisition

05/13/2014 12:32 PM

05/13/2014 1:30 PM

Charlotte energy company Babcock & Wilcox said Tuesday that its Power Generation Group will buy MEGTEC, an industrial processes firm, for $155 million.

Wisconsin-based MEGTEC, which makes air pollution controls and coating and drying equipment, employs 600 people in 10 countries. It will become a B&W subsidiary when the sale closes by June 30.

“MEGTEC is a leader in industrial environmental solutions and engineered products for energy storage and sustainability, and will complement B&W PGG’s existing capabilities, while also expanding its environmental controls business beyond its traditional utility and coal customer base,” CEO James Ferland said in a statement.

“We’re excited about the U.S. and international growth opportunities that MEGTEC brings, particularly in Asia and Europe.”

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