CHARLOTTE, N.C.--(BUSINESS WIRE)--
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) announced today that it has
closed its previously announced sale of Palm Beach Resource Recovery
Corporation (PBRRC) to a subsidiary of Covanta Holding Corporation for
$45 million, subject to adjustment.
Net proceeds from the sale will be used to reduce balances under B&W’s
revolving credit facilities and for working capital purposes.
PBRRC provides O&M services to the Solid Waste Authority (SWA) of Palm
Beach County for two waste-to-energy facilities located in West Palm
Beach, Fla., which were designed and built by B&W and its project
partners.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader
in energy and environmental technologies and services for the power and
industrial markets, and has been transforming our world for 151 years.
Follow us on Twitter
@BabcockWilcox
and learn more at
www.babcock.com
.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements,
including, without limitation, statements relating to actions to improve
liquidity, enhance efficiencies and reduce costs. These forward-looking
statements are based on management’s current expectations and involve a
number of risks and uncertainties, including, among other things, our
ability to continue as a going concern; our ability to obtain and
maintain sufficient financing to provide liquidity to meet our business
objectives, surety bonds, letters of credit and similar financing; the
highly competitive nature of our businesses; general economic and
business conditions, including changes in interest rates and currency
exchange rates; general developments in the industries in which we are
involved; cancellations of and adjustments to backlog and the resulting
impact from using backlog as an indicator of future earnings; our
ability to perform contracts on time and on budget, in accordance with
the schedules and terms established by the applicable contracts with
customers; failure by third-party subcontractors, joint venture partners
or suppliers to perform their obligations on time and as specified; our
ability to realize anticipated savings and operational benefits from our
restructuring plans, and other cost-savings initiatives; our ability to
successfully integrate and realize the expected synergies from
acquisitions; our ability to successfully address productivity and
schedule issues in our Renewable segment, including the ability to
complete our Renewable energy projects within the expected time frame
and the estimated costs; the willingness of customers to waive
liquidated damages or agree to bonus opportunities; our ability to
successfully partner with third parties to win and execute renewable
projects; changes in our effective tax rate and tax positions; our
ability to maintain operational support for our information systems
against service outages and data corruption, as well as protection
against cyber-based network security breaches and theft of data; our
ability to protect our intellectual property and renew licenses to use
intellectual property of third parties; our use of the
percentage-of-completion method of accounting; the risks associated with
integrating businesses we acquire; our ability to successfully manage
research and development projects and costs, including our efforts to
successfully develop and commercialize new technologies and products;
the operating risks normally incident to our lines of business,
including professional liability, product liability, warranty and other
claims against us; changes in, or our failure or inability to comply
with, laws and government regulations; difficulties we may encounter in
obtaining regulatory or other necessary permits or approvals; changes
in, and liabilities relating to, existing or future environmental
regulatory matters; our limited ability to influence and direct the
operations of our joint ventures; potential violations of the Foreign
Corrupt Practices Act; our ability to successfully compete with current
and future competitors; the loss of key personnel and the continued
availability of qualified personnel; our ability to negotiate and
maintain good relationships with labor unions; changes in pension and
medical expenses associated with our retirement benefit programs;
social, political, competitive and economic situations in foreign
countries where we do business or seek new business; the possibilities
of war, other armed conflicts or terrorist attacks; the willingness of
customers and suppliers to continue to do business with us on reasonable
terms and conditions; and our ability to successfully consummate the
sale of any other non-core assets, within the expected timeframes or at
all.
If one or more of these risks or other risks materialize,
actual results may vary materially from those expressed. For a more
complete discussion of these and other risk factors, see B&W’s filings
with the Securities and Exchange Commission, including our most recent
annual report on Form 10-K and subsequent quarterly reports on Form
10-Q. B&W cautions not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and
undertakes no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180918005512/en/
Investor Contact:
Babcock & Wilcox
Megan Wilson,
704-625-4944
Vice President, Corporate Development and Investor
Relations
investors@babcock.com
or
Media
Contact:
Babcock & Wilcox
Ryan Cornell, 330-860-1345
Public
Relations
rscornell@babcock.com
Source: Babcock & Wilcox Enterprises, Inc.