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 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.”
Related content: SPIG wins major Egypt cooling contracts