Wood Group (John) PLC Wood agrees sale of industrial services business (1137C)
05 Febbraio 2020 - 06:00PM
UK Regulatory
TIDMWG.
RNS Number : 1137C
Wood Group (John) PLC
05 February 2020
5 February 2020
Wood reaches agreement to sell industrial services business
John Wood Group PLC announces today the sale of its industrial
services business to technical services provider, Kaefer, for an
initial cash consideration of circa $104 million and a further
potential payment of up to circa $14m pending achievement of agreed
financial goals.
The divestment is another important step in Wood's portfolio
rationalisation strategy and follows the planned sale of the
company's nuclear business, which was announced in August 2019 and
is expected to complete in Q1 2020. Cash proceeds from the
disposals will be used to reduce debt.
David Kemp, Wood's chief financial officer said: "The sale of
our industrial services business is the latest divestment aimed at
maintaining our strong balance sheet and achieving our target
leverage.
"As our focus has moved towards building a premium,
differentiated and higher-margin business, the industrial services
offering is no longer core to our strategy. However, it is an
excellent fit with Kaefer who see a clear opportunity to grow the
business further and extend its market share across new sectors and
geographies."
Wood's industrial services business provides integrity and
fabric maintenance for assets in the marine, process energy,
offshore oil & gas and infrastructure sectors across the UK and
Ireland.
-ends-
Notes to Editors:
Wood's industrial services business
In 2018, the pre-tax profits for Wood's industrial services
business was $8m, while gross assets at year-end amounted to
$105m.
Wood
Wood is a global leader in the delivery of project management,
engineering, consulting and technical services to energy and built
environment customers. We operate in more than 60 countries,
employing around 60,000 people, with revenues of over $10 billion.
www.woodplc.com
For further information contact: press.office@woodplc.com
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