9.66%QQQQ 30.60 8.96%XLF 15.45 10.85%
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NEW YORK - Engineering and construction business McDermott International Inc. said Tuesday that a subsidiary has purchased the Intech group of companies to improve its commercial nuclear service business.
| MDR | 16.59 |  -3.76 |
The subsidiary, The Babcock & Wilcox Co., bought Intech Inc., Ivey-Cooper Services LLC and Intech International Inc. Financial terms were not disclosed.
The deal will help the company expand its ability to serve the U.S. commercial nuclear service market, strengthen its position in the Canadian nuclear service market, and boost current inspection services to fossil plant customers, McDermott said in a release.
Shares of McDermott fell $1.60, or 2.8 percent, to $56.19 in afternoon trading.
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