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Press Release

Dürr completes acquisition of MEGTEC/Universal to form leading supplier of industrial environmental technology

Bietigheim-Bissingen, October 8, 2018 – Dürr has completed the purchase of the industrial environmental technology business of US company Babcock & Wilcox Enterprises, Inc. (B&W), as announced on June 6, 2018, after receiving approval from the US committee CFIUS. This will create the world’s leading supplier of environmental systems for industrial exhaust-air purification. Dürr 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., through its US subsidiary, Dürr Inc. The purchase price is based on an enterprise value for the three companies of around € 110 million. The MEGTEC/Universal companies will be fully consolidated within the Dürr Group from October 5, 2018.

Ralf W. Dieter, CEO of Dürr AG: “The acquisition of MEGTEC/Universal will create an effective global market leader in industrial exhaust-air purification technology capable of delivering first-class products and services to customers all around the world. Following the takeover, the Clean Technology Systems division will reach a critical size, with sales of around € 400 million, to operate successfully in the world market in the long term. We then plan to use this as a basis for further expansion.”
MEGTEC and Universal will become part of the Dürr Group’s environmental technology division, Clean Technology Systems. In 2018, Dürr expects total sales of about € 200 million for MEGTEC and Universal. Around a quarter of that will be posted to Dürr’s account after they are consolidated within Dürr from October 5. The Clean Technology Systems division also expects to achieve sales of up to € 200 million for 2018. Dürr aims to achieve significant growth in environmental technology systems for the years ahead. In this segment, Dürr is targeting sales of up to € 500 million and an EBIT margin of 6 to 7% by 2021.

Dr. Jochen Weyrauch, who is responsible for the Clean Technology Systems division on the Dürr AG Board of Management, says: “What is important for us now is to implement the integration quickly and successfully with uniform processes and a clear organizational structure. We are thoroughly prepared for this. We will then leverage any growth potential.”

EBIT for MEGTEC/Universal is expected to be positive in 2018 as a whole and in Q4 2018. At the Dürr Group level, however, the MEGTEC/Universal earnings contribution will be slightly negative in Q4 2018, due to high extraordinary expenses (especially purchase price allocation effects). The operating EBIT margin for the Dürr Group in 2018 (before extraordinary effects) should reach 7.4 to 7.8 % as expected before. The EBIT margin after extraordinary effects is expected to range between 6.8 and 7.3 % as a result of the MEGTEC/Universal acquisition, making it, as announced in June, slightly lower than the 7.0 to 7.5 % anticipated hitherto.

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 electrodes for lithium-ion batteries. Universal is a leading supplier of acoustic solutions, specializing in noise and emission filtration systems.

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitization/Industry 4.0. Products, systems and services offered by the Group enable highly efficient manufacturing processes in different industries. Dürr supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical and woodworking industries. The Group generated sales of € 3.71 billion in 2017. In October 2018 Dürr acquired the industrial environmental technology business of US company Babcock & Wilcox, comprising the MEGTEC and Universal brands. Since then, the company has had over 16,000 employees and 108 business locations in 32 countries. The Group operates in the market with five divisions:

  • Paint and Final Assembly Systems: Paintshops and final assembly systems for the automotive industry
  • Application Technology: Robot technology for the automated application of paint, sealants and adhesives
  • Clean Technology Systems: exhaust-air purification systems, noise filtration systems and energy efficiency technology
  • Measuring and Process Systems: Balancing as well as assembly, testing and filling technology
  • Woodworking Machinery and Systems: Machinery and equipment for the woodworking industry

This publication has been prepared independently by Dürr AG/Dürr group (“Dürr”). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in Dürr's disclosures, in particular in the chapter “Risks” in Dürr's annual report. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary.