Last checked at 16 Nov 2020 07:00
16 November 2020
John Wood Group PLC ('Wood' or 'the Company')
LEI: 549300PLYY6I10B6S323
Wood completes sale of interest in Canadian turbines business
Wood, the global engineering and consultancy company, announces today that it has completed the sale of its joint venture interest in TransCanada Turbines to joint venture partner TC Energy for a cash consideration of US$67m. The deal represents a multiple of approximately 7.6x Wood's share of expected 2020 EBITDA.
The sale forms part of Wood's focus on portfolio optimisation and the cash proceeds will be used to reduce debt and accelerate progress towards Wood's target leverage.
David Kemp, Chief Financial Officer commented:
"Our focus on portfolio optimisation is driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment markets. The sale of our interest in TransCanada Turbines will also make a positive contribution towards achieving our leverage target."
The TransCanada Turbines business delivers overhaul, repair and maintenance services on industrial gas turbines for an international client base. It is headquartered in Calgary, Alberta with field service offices across the globe.
Note to Editors:
Wood is a global leader in consulting, projects and operations solutions in energy and the built environment. www.woodplc.com
Wood | |
Andrew Rose - Group Head of Investor Relations | 01224 532 716 |
Ellie Dixon - Investor Relations Senior Manager | 01224 851 369 |
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Kevin Smith Chris Barrie | 020 7638 9571 |