Babcock & Wilcox Enterprises announced Tuesday that it has sold its German-based material handling subsidiary, Babcock & Wilcox Loibl, to a subsidiary of Deutsche Invest Mittelstand GmbH.

“The proceeds from B&W’s sale of Loibl will be used to reduce debt, provide working capital and strengthen the company’s liquidity and overall financial position, as well as help us focus on our core businesses,” CEO Kenneth Young said in a news release. “I would like to thank Loibl’s employees and management team for the many contributions they have made to B&W and wish them the best with their new parent company.”

B&W's primary business involves making coal-fired boilers and related pollution-control equipment and systems for electric power plants.

The company is on track to move its headquarters from Barberton to Akron's East End development this year.