Wood Group completes sale of TNT business in $38m deal
Wood Group confirmed on Friday that it has completed the sale of its conveyor systems business Terra Nova Technologies (TNT).
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The FTSE 250 company had announced the disposal on 25 March.
It explained that, following a strategic review of its portfolio, it had identified potential asset disposals which were expected to generate proceeds of between $200m and $300m.
The transaction mad a “good contribution” to the asset disposal programme, Wood’s board said.
“The TNT business was sold to Cementation Americas, a firm owned by Murray & Roberts Holdings, for $38m, representing a multiple of 5.2x 2018 EBITA of $7.3m.”