McDermott International, Inc. (ticker: MDR, exchange: New York Stock Exchange (.N))
News Release -
McDermott International, Inc. Purchases Business Units of the Ansaldo Volund Group
NEW ORLEANS--(BUSINESS WIRE)--June 15, 2000--McDermott International, Inc. has announced that its subsidiary, Babcock & Wilcox International Investments Co., Inc. (BWIIC), has purchased various business units of the Ansaldo Volund Group, a group of companies owned by Finmeccanica S.p.A. of Italy. Terms of the transaction are not being disclosed.
Under the agreement, BWIIC's Danish subsidiary Babcock & Wilcox Volund ApS has acquired Ansaldo Volund's waste-to-energy, biomass, gasification and stoker-fired boiler businesses and projects, as well as the Esbjerg engineering and manufacturing facility.
Babcock & Wilcox Volund is headquartered in Denmark and is a leading international participant in the waste-to-energy and cogeneration industry. Babcock & Wilcox Volund designs, manufactures, installs and services power plants and provides original equipment and replacement components for utility and industrial power generation facilities.
Babcock & Wilcox International Investments Co., Inc. is a subsidiary of McDermott International, Inc. (NYSE:MDR), a leading worldwide energy services company. McDermott subsidiaries manufacture steam-generating equipment, environmental equipment, and products for the U.S. government. They also provide engineering and construction services for industrial, utility, and hydrocarbon processing facilities, and to the offshore oil and natural gas industries.
EDITOR'S NOTE: Babcock & Wilcox International Investments Co., Inc. and Babcock & Wilcox Volund ApS are not subsidiaries of The Babcock & Wilcox Company, a company which is a debtor in a Chapter 11 proceeding, and therefore, they are not parties to the Chapter 11 filing.
CONTACT: McDermott International Inc., New Orleans
Pierre DeGruy, 504/587-6451 (Media Relations)
Don Washington, 504/587-4080 (Investor Relations)