The Mosiewicz Family and Ambienta SGR are to sell SPIG to Babcock & Wilcox Enterprises. The transaction, which is subject to regulatory approvals, is expected to complete within the third quarter of 2016.
Babcock & Wilcox, a US company founded in 1867 by Stephen Wilcox and George Babcock, is a global leader in energy and environmental technologies and services for the power and industrial markets. The company, based in Charlotte in North Carolina, employs approximately 5,700 people around the world. During its 150 year-long history the company has been a leading innovator introducing, among others, the world’s first installed utility boiler in 1881.
SPIG’s shareholders believe that Babcock & Wilcox, in light of its history, industrial tradition and strategic vision, is well positioned to further develop the Company, while at the same time maintaining the values that for eighty years have inspired the founders in the management of the company.
Consequently to the agreement entered into today, SPIG also announces the withdrawal of its request for the IPO of its ordinary shares on the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana S.p.A., and the request to Consob to approve the prospectus related to the offering of SPIG ordinary shares and to their admission to trading.
Ferdy Mosiewicz, Chairman of SPIG, says: “Together with Ambienta we have decided to accept the offer received from Babcock & Wilcox because we have been attracted by their industrial heritage and growth plans which aims to make SPIG the foundation of its expansion into new market segments”. “With Babcock & Wilcox – concluded Mosiewicz – SPIG will remain a standalone entity headquartered in Italy and thanks to numerous strategic synergies will further accelerate the growth path in international markets”.
