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  • air pollution control system

Dürr acquires industrial environmental technology business of Babcock & Wilcox

Dürr AG – WKN 556520 / ISIN DE0005565204

Bietigheim-Bissingen, June 6, 2018 – Dürr is taking over the industrial environmental technology business of US company Babcock & Wilcox Enterprises, Inc. (B&W). Through its US subsidiary, Dürr Inc., it is acquiring 100 % of the shares in each of the three B&W subsidiaries, Babcock & Wilcox MEGTEC LLC, Babcock & Wilcox MEGTEC Holdings Inc. and Babcock & Wilcox Universal Inc.

The purchase price will be calculated based on the enterprise value of the three B&W companies, which amounts to around € 110 million. The purchase agreement was signed today. Subject to the satisfaction of usual antitrust closing conditions and regulatory approvals, closing is expected in the third quarter of 2018. The necessary approvals will be immediately applied for. As at March 31, 2018, Dürr had total cash and cash equivalents of € 700 million and a net financial status of € 94 million.

The industrial environmental technology business of B&W comprises the MEGTEC and Universal segments. Dürr expects both segments to achieve combined sales of around € 200 million in 2018 and will integrate them into its environmental technology division, Clean Technology Systems. This division also expects to achieve sales of up to € 200 million in 2018.

The acquisition will create a leading provider of environmental technology systems for industrial exhaust-air purification which is better positioned to serve customers' needs. Dürr's new segment is targeting sales of up to € 500 million and an EBIT margin of 6 to 7 % by 2021.

In 2018, EBIT for MEGTEC/Universal is expected to be slightly positive. At Dürr Group level, the MEGTEC/Universal earnings contribution for 2018 will be negative, at around € -6 million, due to high extraordinary expenses of € 11 million (including purchase price allocation effects). The Dürr Group´s EBIT margin is expected to reach 6.7 to 7.2 % in 2018 (previous expectation 7.0 to 7.5 %); the operating EBIT margin (before extraordinary effects) should reach 7.4 to 7.8 % as expected before. Dürr is planning substantial sales and earnings growth for its environmental technology business in the following years.

MEGTEC, the larger of the two acquired segments, offers not only exhaust-air purification systems, but also dryers and coating systems for the production of lithium-ion-battery electrodes. Universal is a leading supplier of acoustic solutions, specializing in noise and emission filtration systems.

Dürr AG
The executive board

End of disclosure