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News:

Wood Group completes acquisition of IBBC member Amec Foster Wheeler

Wood Group, the energy services giant has officially completed a £2.2bn takeover of Amec Foster Wheeler.

When initially disclosing the takeover in March, Wood Group announced it would result in “significant cost and revenue synergies” of at least £110m a year.

The merger holds exciting prospects for the enlarged WoodGroup, as summarised by Robin Watson, Chief Executive of Wood Group:

“This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.

We become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors, differentiated by the quality of our people, enabling technology and know-how.  Wood is better placed to serve customers than ever before, with a more comprehensive range of capabilities and the potential to deliver efficient integrated solutions with fewer customer interfaces”.

Wood Group employs 29,000 people while Amec Foster Wheeler employs 35,000 workers.

About Wood:

Wood is a global leader in the delivery ofproject, 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.

For more information visit: www.woodplc.com

Sources: (BBC News), (WoodGroup).

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