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John Wood Group agrees to sell non-core business for US$38mln

“Wood's strategy going forward is to focus on asset light solutions rather than the manufacture/fabrication of equipment," said CFO David Kemp
oil and gas operations
The transaction will close in the second quarter

John Wood Group PLC (LON:WG. told investors it has agreed to sell a non-core business unit, conveyor systems, in a deal worth US$38mln.

It is selling Terra Nova Technologies to Cementation Americas, which is owned by Murray & Roberts Holdings Ltd.

The transaction is expected to close in the second quarter, subject to ‘normal conditions’.

READ: Wood Group losses narrow as revenues rose in 2018

"Terra Nova Technologies has a strong track record in delivering material handling equipment to our customers,” said David Kemp, Wood Group chief financial officer.

“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."

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