Energy engineering and construction services provider,
The Babcock & Wilcox Company
) announced that its affiliate Babcock & Wilcox Power
Generation Group, Inc. (B&W PGG) has completed the $155 million
acquisition of the industrial products and services company,
MEGTEC will now function as a subsidiary of B&W PGG and have
the trade name Babcock & Wilcox MEGTEC. The acquired entity
will, however, remain headquartered in De Pere, WI and continue to
be run by the same management.
Management of the Babcock & Wilcox affiliate stated that the
technological development and innovation at both the companies
should facilitate further growth and diversification opportunities
across the globe.
Last week, Babcock & Wilcox Nuclear Energy, Inc., another
affiliate of Babcock & Wilcox, received a multi-year fleet
service contract from a unit of electric utility
Dominion Resources Inc.
). Per the contract, the affiliate will provide services for
Dominion Generation's three nuclear stations located in North Anna
in Mineral, VA Surry in Surry, VA and Millstone in Waterford, CT.
Headquartered in Charlotte, NC, Babcock & Wilcox is engaged in
providing clean energy technology and services for the nuclear,
fossil and renewable power markets worldwide. The company was spun
off from the energy-focused engineering and construction firm
) in 2010 and currently operates in four business units: Power
Generation, Nuclear Operations, Technical Services and Nuclear
Babcock & Wilcox currently carries a Zacks Rank #3 (Hold),
implying that it is expected to perform in line with the broader
U.S. equity market over the next one to three months.
Meanwhile, one can consider better-ranked players from the same
industry such as
Blount International Inc.
). The stock currently holds a Zacks Rank #2 (Buy).
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