Babcock & Wilcox Enterprises, Inc. announced on September 28th that it has signed a final agreement to purchase VODA A/S, a leading multi-brand supplier of spare parts and services for waste-to-energy and biomass markets in Vejen, Denmark. The transaction is expected to be completed by the end of October 2021 after the usual conditions for completion have been met, including regulatory review in Denmark.
B&W will form the B&W Renewable Service for the integration of VODA A/S and B&W Vølund’s service businesses. This will serve as B&w’s platform for the renewable energy business in Europe, significantly strengthening and expanding the ability to serve existing and new customers throughout this market, including for B&W-supplied and competitor technology. B&W Renewable Service will be led by VODA’s Director, Christopher Nysted Sørensen.
“This strategic acquisition brings together the strengths of B&W and VODA and provides a solid foundation for further expanding our service business in Europe’s rapidly growing renewable energy market,” said Kenneth Young, Chairman and CEO of B&W.
“By combining B&W’s financial strength, technical competencies and proven experience as a supplier of original equipment and service business with VODA’s competencies and expertise, we create a dynamic team that is ready to work together to serve our customers.”
“VODA has used a flexible and scalable business model to grow rapidly and efficiently, and we see many additional opportunities for our combined operations to grow synergistically,” Young said. “VODA’s employees are skilled and experienced, and we are pleased to welcome them to B&W.”
VODA’s CEO, Christopher Nysted Sørensen said: “VODA has grown significantly over the past three years and has built a reputation for providing customer-focused, market-driven service and solutions. This transaction will form the basis for future growth and new opportunities for customers and our employees. We are excited and proud to have this opportunity to expand further and collaborate as part of the B&W Renewable Service.”