Wood Group (John)PLC Disposal of AFW's North American nuclear operations

 
TIDMWG. 
 
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: 
 
Wood 
Andrew Rose, Head of Investor Relations                             Tel: +44 
(0)1224 532716 
 
Brunswick (Public Relations Adviser to Wood) 
Patrick Handley 
                                                            Tel: [phone] 
5959 
Charles Pemberton 
 
John Wood Group PLC LEI: 549300PLYY6I10B6S323 
 
 
 
END 
 

(END) Dow Jones Newswires

November 06, 2017 02:00 ET (07:00 GMT)