Barberton’s Babcock & Wilcox Enterprises Inc. has closed the sale of its MEGTEC and Universal industrial services business to Dürr AG for $130 million, subject to adjustment. Net proceeds from the sale will largely be used to reduce outstanding balances under the company’s bank credit facilities, and to improve its balance sheet and financial flexibility. B&W’s strategic focus will continue to be on optimizing its market-leading portfolio of equipment, technology and services for power generation and industrial applications, and implementing efficiencies and cost reductions throughout the organization. In June, reports arose that B&W would sell off two subsidiaries — industrial manufacturers MEGTEC and Universal — for about $130 million to Dürr AG. That announcement came just weeks after Steel Partners, a New York-based hedge fund that owns 17.8 percent of the company, was rumored to have offered for the second time to buy B&W.
