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B&W SPIG Awarded Contract for Cooling Tower Upgrade Services for Belgium Manufacturing Plant
Posted June 6, 2019
(PARUZZARO, Italy – June 6, 2019) – Babcock & Wilcox subsidiary SPIG S.p.A. (SPIG) has been awarded a contract to provide cooling tower upgrade services for BASF Dow HPPO Production BVBA’s propylene oxide manufacturing facility in Antwerp, Belgium.
SPIG will use its proven service engineering expertise to develop customized solutions to improve the performance of the plant’s existing cooling towers. SPIG also will replace eight existing cooling tower cells with new units.
“This agreement marks an important milestone in our relationship with our customers, BASF and Dow,” SPIG Managing Director Alberto Galantini said. “SPIG’s global reach and unmatched expertise in delivering custom-engineered cooling tower solutions allows us to efficiently and effectively meet our customers’ needs.”
SPIG has begun engineering on the project and is scheduled to complete its work in the second quarter of 2020. The project will be realized without impacting the plant’s production capacity.
SPIG’s experience includes wet, dry and wet/dry hybrid cooling solutions as dictated by site-specific requirements. The company supplies mechanical and natural draft systems and designs for a wide range of project specifications such as high seismic loads, vibration control, corrosion, noise control, sub-freezing operation, and seawater use.
Specialized services include preventive maintenance, equipment upgrades, replacement and spare parts, online performance monitoring, and a commitment to research and development to continually seek new and more efficient cooling system solutions.
About SPIG
SPIG is a subsidiary of Babcock & Wilcox Enterprises, Inc. and a global turnkey cooling systems supplier. Since 1936, SPIG has provided customers with an extensive range of high quality cooling towers, air-cooled condensers and related services.
Forward-Looking Statements
B&W Enterprises cautions that this release contains forward-looking statements, including, without limitation, statements relating to our strategic objectives; our business execution model; management’s expectations regarding the industries in which the Company operates; project execution; and the timing for completion of projects. 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; our ability to satisfy the liquidity and other requirements under our revolving credit facility as recently amended; our ability to refinance said facility in a timely manner, if at all; our ability to obtain all stockholder and regulatory approvals for the rights offering, issuance of warrants, reverse stock split and related transactions; our ability to complete said transactions in a timely manner, if at all; 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 the Company is 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 address productivity and schedule issues in our Vølund and Other Renewable segment, including the ability to complete our European EPC projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute renewable contracts; 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; 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; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties the Company may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; 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 the Company does 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; our ability to successfully consummate strategic alternatives for non-core assets, if the Company determines to pursue them; and our ability to maintain the listing of our common stock on the NYSE. 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 Enterprise’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly report on Form 10-Q. B&W Enterprises 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.
“This agreement marks an important milestone in our relationship with our customers, BASF and Dow,” SPIG Managing Director Alberto Galantini said. “SPIG’s global reach and unmatched expertise in delivering custom-engineered cooling tower solutions allows us to efficiently and effectively meet our customers’ needs.”
SPIG has begun engineering on the project and is scheduled to complete its work in the second quarter of 2020. The project will be realized without impacting the plant’s production capacity.
SPIG’s experience includes wet, dry and wet/dry hybrid cooling solutions as dictated by site-specific requirements. The company supplies mechanical and natural draft systems and designs for a wide range of project specifications such as high seismic loads, vibration control, corrosion, noise control, sub-freezing operation, and seawater use.
Specialized services include preventive maintenance, equipment upgrades, replacement and spare parts, online performance monitoring, and a commitment to research and development to continually seek new and more efficient cooling system solutions.
About SPIG
SPIG is a subsidiary of Babcock & Wilcox Enterprises, Inc. and a global turnkey cooling systems supplier. Since 1936, SPIG has provided customers with an extensive range of high quality cooling towers, air-cooled condensers and related services.
Forward-Looking Statements
B&W Enterprises cautions that this release contains forward-looking statements, including, without limitation, statements relating to our strategic objectives; our business execution model; management’s expectations regarding the industries in which the Company operates; project execution; and the timing for completion of projects. 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; our ability to satisfy the liquidity and other requirements under our revolving credit facility as recently amended; our ability to refinance said facility in a timely manner, if at all; our ability to obtain all stockholder and regulatory approvals for the rights offering, issuance of warrants, reverse stock split and related transactions; our ability to complete said transactions in a timely manner, if at all; 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 the Company is 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 address productivity and schedule issues in our Vølund and Other Renewable segment, including the ability to complete our European EPC projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute renewable contracts; 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; 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; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties the Company may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; 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 the Company does 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; our ability to successfully consummate strategic alternatives for non-core assets, if the Company determines to pursue them; and our ability to maintain the listing of our common stock on the NYSE. 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 Enterprise’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly report on Form 10-Q. B&W Enterprises 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.