Babcock & Wilcox to buy VODA in Denmark, set up service platform in Europe
Babcock & Wilcox Enterprises Inc (NYSE:BW) is buying Denmark-based waste- and biomass-to-energy aftermarket parts and service provider VODA A/S and forming a platform for its renewable service business in Europe.
The US renewable, environmental and thermal energy technologies provider, also known as B&W, announced the acquisition today and said it aims to wrap it up by October 31, subject to customary closing conditions. It will unite the VODA and B&W Volund aftermarket services businesses under a new unit, B&W Renewable Service, to be led by VODA CEO Christopher Nysted Sorensen.
“This strategic acquisition brings together B&W’s and VODA’s strengths and creates a solid foundation to further expand our service business in Europe’s fast-growing renewable energy market,” commented B&W CEO Kenneth Young.