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Babcock & Wilcox (NYSE: BW) has successfully acquired a majority stake in Illinois-based Fosler Construction Company Inc., now operating as Fosler Solar. This acquisition aims to enhance B&W's renewable energy segment, with Fosler Solar expected to significantly contribute to the company's growth in the U.S. solar market. Fosler, recognized as one of the fastest-growing solar service firms, will continue to be led by its CEO, Paul Fosler, who remains a minority stakeholder. Fosler Solar specializes in commercial, industrial, and utility-scale solar services.
Positive
Acquisition of Fosler Construction enhances B&W's renewable energy segment.
Fosler Solar is a rapidly growing solar services firm.
Expectations of substantial market opportunities in U.S. solar installation.
Negative
Potential risks related to integration and operational disruption from the acquisition.
Dependence on uncertain factors affecting the U.S. solar market growth.
Will Operate as Fosler Solar, a Babcock & Wilcox Company
AKRON, Ohio--(BUSINESS WIRE)--
Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced today that it has completed its acquisition of a majority interest in Illinois-based solar energy contractor Fosler Construction Company Inc. Fosler will be part of the B&W Renewable segment and operate under the name Fosler Solar, a Babcock & Wilcox company.
“We are pleased to welcome the talented Fosler team to B&W,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “We’re particularly excited about the key role Fosler Solar will play in the growth of B&W’s renewable energy business and the substantial opportunities we see in the market for solar installation and construction services in the U.S. Fosler Solar is one of the fastest-growing solar services firms in the country, and we intend to fully support and help accelerate that growth.”
Paul Fosler will continue to lead Fosler Solar as its Chief Executive Officer and remains a minority stakeholder in the business.
Founded in 1998 and employing approximately 120 people, Fosler Solar provides commercial, industrial and utility-scale solar services and owns two community solar projects currently under development in Illinois.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to its acquisition of a majority interest in Fosler Construction Company Inc. and the expected growth of the U.S. solar market, and the benefits expected to be achieved. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on the Company; the reaction of customers, suppliers and stockholders to the announcement or consummation of the acquisition; risks that the acquisition disrupts current plans and operations of the parties to the transaction; the amount of the costs, fees, expenses and charges related to the acquisition; the capital markets and global economic climate generally; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and its quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While the Company believes that these assumptions underlying the forward-looking statements are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and it is impossible for the Company to anticipate all factors that could affect actual results. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
