Babcock & Wilcox Enterprises, Inc. announced that it has reached an agreement to sell its Diamond Power International business to Austria-based ANDRITZ for $177 million, subject to customary fees and adjustments. The transaction is expected to close within approximately 30 days and will involve the transfer of around 400 employees to ANDRITZ. Kenneth Young, B&W Chairman and CEO, stated that the sale will be transformational and will enhance the value of their assets as they re-capitalize their businesses. Diamond Power, which generates annual revenues of approximately $110 million, provides boiler cleaning and monitoring solutions globally. B&W plans to leverage the strong balance sheet to pursue new projects and technologies, including their BrightLoop™ technologies for steam generation and hydrogen production.
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