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.”