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BHI Co. Ltd of Korea completes purchase of power generation technology from WOOD
Seoul, Korea/Hampton, New Jersey – (date no earlier than Closing Date) - BHI Co. Ltd of South Korea announced today
that it has purchased the ownership of the Foster Wheeler Heat Recovery Steam Generator (HRSG) technology from a subsidiary of Wood. The terms of the transaction were not disclosed.
Through this purchase, BHI Co. Ltd will be increasing its position as a major global supplier of power generation equipment that is environmentally responsible and needed to support/sustain economic development. BHI Co. Ltd had been a licensee of the legacy Foster Wheeler business for the supply of HRSGs since 2005. This technology purchase elevates BHI Co. Ltd to a technology owner.
As part of the purchase, a subsidiary of Wood will retain a long-term license to utilize the HRSG technology which will enable Wood to continue to actively compete in the HRSG market, with a focus on those key clients and sectors where they see enduring demand.
Mr. Jong-Ihn Woo, President of BHI Co. Ltd offered the following: “BHI and Wood (formerly Foster Wheeler) have a enjoyed a mutually beneficial relationship since 2005. With this transaction, we were excited at the opportunity to purchase the technology and to also continue and deepen our cooperation into the future. We believe combined cycle power plants will continue to be needed throughout the world to enhance the stability of the electricity supply as the world moves towards more renewable energy sources.”
This transaction will be recognized and recorded in Q4, 2020.
BHI Co. Ltd of South Korea is an international heavy industry company that delivers high-quality power generation and process plant equipment worldwide. BHI worldwide headquarters are located in Haman South Korea where BHI operates its main engineering and project execution center as well as three captive manufacturing facilities. Their main subsidiary, BHI FW Corporation of the United States is located in Hampton, New Jersey, and is a former subsidiary of Amec Foster Wheeler Corporation. BHI FW Corporation provides BHI a strong market presence in North America and will be instrumental as BHI enters the HRSG aftermarket business in the United States supporting legacy owners of Foster Wheeler HRSGs.