Wood Group sells Terra Nova Technologies to Murray & Roberts for $38m
Source - SMW
Services company Wood Group said it had agreed to sell its Terra Nova Technologies to Murray & Roberts Holdings unit Cementation Americas for $38m.
Terra Nova was a conveying and material handling systems solutions business.
The sale price represented a multiple of 5.2 times 2018 Ebitda of $7.3m.
It remained remained subject to normal conditions, with closing expected in the 2019 second quarter.
'Wood's strategy going forward is to focus on asset light solutions rather than the manufacture and fabrication of equipment,;' chief financial officer David Kemp said.
'The disposal makes a good contribution to our non-core asset disposal programme which is a key element of our deleveraging plan.'