US company Babcock & Wilcox has bought Italian cooling technology specialist SPIG for $155m.

The acquisition will see SPIG’s 250 staff worldwide integrated with B&W in the coming months, while SPIG will retain its management team and operate as Babcock & Wilcox SPIG (B&W SPIG).

B&W chairman E. James Ferland said that SPIG’s “long heritage of engineering excellence is Babcock & Wilcox buys SPIG a natural fit with our organization”.

He added that the acquisition “will broaden our technology-based offerings to industrial and power generation customers, while providing SPIG new paths for growth through B&W’s customer base and geographic footprint.”

SPIG’s technology includes air-cooled systems, mechanical draft wet cooling towers and natural draft wet cooling hyperbolic towers and the company operates across many power generation sectors including gas-fired and renewable projects. It also has a long track record in the downstream oil and gas and petrochemical industries.

“With this acquisition, B&W continues to grow and diversify our business with technologies and services that complement our existing portfolio and areas of expertise,” Ferland explained.

“Adding high quality, custom-engineered cooling systems to our range of solutions expands the value we can offer our customers, with significant cross-selling opportunities, while SPIG’s presence in the downstream oil, gas and petrochemical industries broadens our industrial reach.”

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