07:25 AM EDT, 10/10/2024 (MT Newswires) -- Babcock & Wilcox ( BW ) said Thursday it has agreed to divest its Italian and Swedish subsidiaries SPIG and Babcock & Wilcox Volund to funds managed by AUCTUS Capital Partners AG for about $40 million.

The deal, expected to close by the end of this month, is subject to customary adjustments and closing conditions.

Babcock & Wilcox ( BW ) Chief Executive Kenneth Young said the divestments align with the company's recently announced strategy to sell certain "non-core businesses and assets" to lower debt, improve its balance sheet, and boost liquidity.

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