Babcock & Wilcox rises after $177 million deal to sell boiler cleaning unit to ANDRITZ

Shares of energy tech company Babcock & Wilcox Enterprises BW.N rise 13.7% to 92 cents premarket

Company says it has agreed to sell its boiler cleaning and monitoring unit Diamond Power International Business to Austria-based ANDRITZ for about $177 million

Sale is expected to close within nearly 30 days and will include the transfer of about 400 employees to ANDRITZ

"The sale of Diamond Power, which achieves annual revenues in the range of $110 million, will be transformational and will reinforce the value of our underlying assets as we re-capitalize our businesses going forward" - BW CEO Kenneth Young

As of last close, BW shares down 50.7% YTD