Last checked at 6 Nov 2017 07:00
WOOD GROUP (JOHN) PLC - Disposal of AFW’s North American nuclear operationsWOOD GROUP (JOHN) PLC - Disposal of AFW’s North American nuclear operations
PR Newswire
London, November 5
John Wood Group PLC (“Wood”)
Disposal of Amec Foster Wheeler’s North American nuclear operations
Further to Amec Foster Wheeler’s announcement on 30 June 2017, Wood has today entered into an agreement to sell its North American nuclear operations to Kinectrics Inc. Cash consideration for the transaction is approximately C$10m after adjustments for defined benefit pension related debt and subject to closing adjustments.
The business being sold consists of Amec Foster Wheeler’s nuclear operations in Canada and the US together with a small operation in Romania. The transaction in respect of Canadian and US operations is expected to close in the fourth quarter of 2017 subject to competition clearance in Canada. The Romanian disposal is expected to close early in 2018, subject to regulatory approval in Romania.
Note to Editors:
About Wood:
Wood is a global leader in the delivery of project, engineering and technical services to energy and industrial markets. We operate in more than 60 countries, employing around 55,000 people, with revenues of over $11 billion. We provide performance-driven solutions throughout the asset life-cycle, from concept to decommissioning across a broad range of industrial markets including the upstream, midstream and downstream oil & gas, chemicals, environment and infrastructure, power & process, clean energy, mining and general industrial sectors. We strive to be the best technical services company to work with, work for and invest in. http://www.woodplc.com/
About Kinectrics:
Kinectrics is an integrated lifecycle management services company providing testing, inspection, certification and engineering consulting for the electric power generation, transmission and distribution markets worldwide. Kinectrics helps keep the electric power industry’s construction and refurbishment projects and existing operations running smoothly and to specification through its independent laboratory and testing facilities, a diverse fleet of field inspection equipment and an award-winning team of over 400 engineers and technical experts. From initial type testing for installation and compliance to operational inspection and maintenance services, Kinectrics collaborates closely with customers to ensure that utility assets perform safely, reliably, and efficiently throughout their entire lifecycle. www.kinectrics.com
Enquiries:
WoodAndrew Rose, Head of Investor Relations Tel: +44 (0)1224 532716
Brunswick (Public Relations Adviser to Wood)Patrick Handley Tel: +44 (0)20 7404 5959 Charles Pemberton
John Wood Group PLC LEI: 549300PLYY6I10B6S323