Babcock & Wilcox Acquires FPS
Summary
AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that it has acquired Fossil Power Systems, Inc. (“FPS”), a leading designer and manufacturer of hydrogen, natural gas and renewable pulp and paper combustion equipment including ignitors, plant controls and safety systems based in Dartmouth, Nova Scotia, Canada. “The addition of FPS’s respected products and expertise to our team is another step forward for the strategic growth of B&W’s efficient and environmentally sustainable technologies and solutions,” said Jimmy Morgan, B&W Executive Vice President and Chief Operating Officer. FPS also is an industry leader in combustion technologies and controls, as well as coal-to-gas and oil-to-gas fuel conversion projects.” “FPS is known for its product quality, reliability, and broad range of firing technologies and safety systems that can be customized to customers’ specific requirements and has provided B&W with products for more than three decades,” Morgan added. “It has grown significantly over the last several years, and we will look to continued growth in these product lines as we leverage our combined expertise and relationships around the world for large-scale fuel conversions, hydrogen opportunities, renewable pulp and paper projects, large institutional heating plants and others. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on the Company; the reaction of customers, suppliers and stockholders to the announcement of the acquisition; risks that the acquisition disrupts current plans and operations of the parties to the transaction; the amount of the costs, fees, expenses and charges related to the acquisition; the capital markets and global economic climate generally; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and its quarterly reports on Form 10-Q for the quarters ended June 30, 2021 and September 30, 2021.