The Scotsman

Wood seals deal to sell conveyor systems arm

- By SCOTT REID

Wood, the Aberdeen-headquarte­red energy and engineerin­g services giant, is to offload its non-core conveyor systems business in a multi-million-dollar deal.

The group said it had agreed the sale of its Terra Nova Technologi­es operation to Cementatio­n Americas, a business owned by Murray & Roberts Holdings. Cash proceeds in respect of the disposal amount to $38 million (£29m).

Wood said the sale was expected to close during the second quarter of the year.

Chief financial officer David Kemp said: “Terra Nova Technologi­es has a strong track record in delivering material handling equipment to our customers.

“Wood’s strategy going forward is to focus on asset light solutions rather than the manufactur­e/fabricatio­n of equipment. The disposal makes a good contributi­on to our non-core asset disposal programme which is a key element of our deleveragi­ng plan.”

Wood operates in more than 60 countries, employing around 60,000 people.

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