ACXIT advises on sale of Loibl material handling subsidiary
Frankfurt, 25 June 2019. Babcock & Wilcox Enterprises, Inc. issued the below statement regarding the transaction:
Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW) announced today that it has sold its Straubing, Bavaria, Germany-based material handling subsidiary, Babcock & Wilcox Loibl GmbH (Loibl), to a subsidiary of Deutsche Invest Mittelstand GmbH.
“The proceeds from B&W’s sale of Loibl will be used to reduce debt, provide working capital and strengthen the company’s liquidity and overall financial position, as well as help us focus on our core businesses,” said Kenneth Young, Chief Executive Officer, B&W. “I would like to thank Loibl’s employees and management team for the many contributions they have made to B&W and wish them the best with their new parent company.”
B&W remains focused on its path to profitability and will continue to strategically focus on its core products and services for power and industrial markets and its strong aftermarket services and retrofit businesses, while driving savings through cost-reduction and efficiency improvements.
ACXIT Capital Partners headquartered in Frankfurt, Germany, served as B&W’s M&A advisor on the transaction.
B&W’s full press release can be found at www.babcock.com/en/news.
Megan Wilson, B&W’s Vice President, Corporate Development & Investor Relations, recognized ACXIT for its assistance with the transaction noting, “We appreciate the skilled and dedicated efforts of the ACXIT team to drive this process to a successful conclusion.”
Headquartered in Barberton, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. (www.babcock.com)
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