Wood completes sale of JV interest in Sulzer Wood

RNS Number : 0926T

Wood Group (John) PLC

23 March 2021

 

23^rd March 2021

John Wood Group PLC ('Wood' or 'the Company')

LEI:  549300PLYY6I10B6S323

Wood completes sale of joint venture interest in Sulzer Wood Ltd

Wood, the global consulting and engineering company, announces today that it has completed the sale of its joint venture interest in Sulzer Wood Ltd to existing partner Sulzer for a consideration of US$17.5m.

The sale is part of Wood's focus on portfolio optimisation by divesting from non-core activities. The cash proceeds will be used to reduce debt and accelerate progress towards Wood's target leverage.

Sulzer is a global leader in fluid engineering that specialises in pumping, agitation, mixing, separation and application technologies for fluids of all types.

Wood has held an interest in the company for over two decades.

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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
Citigate Dewe Rogerson
Kevin Smith	020 7638 9571
Chris Barrie

 

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