Babcock & Wilcox To Acquire SPIG - Quick Facts

(RTTNews) - Babcock & Wilcox Enterprises, Inc. (BW) announced a definitive agreement to acquire SPIG, an Arona, Italy-based global provider of custom-engineered cooling systems and services, based on an enterprise value of 155 million euros. SPIG will operate as a subsidiary of B&W under the trade name of Babcock & Wilcox SPIG.

SPIG's product offering includes air-cooled systems, mechanical draft wet cooling towers and natural draft wet cooling hyperbolic towers. SPIG also provides end-to-end aftermarket services, including spare parts, upgrades/revamps for existing installations and remote monitoring.

With 2015 revenues of 168 million euros, SPIG employs approximately 250 people in Italy, the United States, India, Turkey, China, Russia, Brazil, Germany and South Korea.