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B&W’s Asia and Middle East Expansion Continues; Yields New Environmental Contracts Totaling $10 Million
(AKRON, Ohio – January 26, 2021) – Babcock & Wilcox (B&W) (NYSE: BW) announced today that its strategic growth and expansion initiatives in Asia and the Middle East have continued to accelerate, resulting in two new contracts totaling $10 million for its B&W Environmental business segment.
“We are continuing to make progress in leveraging B&W’s industry-leading technologies and strong operational presence in Asia and the Middle East to provide advanced environmental solutions for our customers,” said B&W Chief Operating Officer Jimmy Morgan. “These two new contracts, which include the design and supply of our SPIG S.p.A. cooling system technologies, demonstrate that the actions we’ve taken to increase our business focus on these regions are already paying off.”
“As we look ahead in 2021 and beyond, we see other significant opportunities for all of our business segments – B&W Environmental, B&W Renewable and B&W Thermal – in the Asia-Pacific, Middle East and Africa regions, with a combined addressable market potential of nearly $12 billion over the next three years,” Morgan said.
Each contract calls for B&W Environmental to design and supply SPIG S.p.A. cooling technologies for industrial projects in Asia and the Middle East. The cooling systems include fiberglass reinforced plastic (FRP) cooling towers, cooling cells and other technologies designed to increase cooling efficiency, reduce environmental impact and improve safe operation under extreme weather conditions.
B&W Environmental’s cooling system experience includes wet, dry and wet/dry hybrid cooling solutions and the supply of designs for a wide range of project specifications such as high seismic loads, vibration control, corrosion, noise control, sub-freezing operation, and seawater use.
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
About B&W Environmental
Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the company’s plan to expand its presence in Asia and the Middle East in support of the growth of its three business segments – B&W Renewable, B&W Environmental and B&W Thermal – and the execution and completion of two contracts for the design and supply of cooling systems for industrial facilities. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.