Wood today confirms it has completed the sale of conveyor systems business Terra Nova Technologies (TNT), as originally announced on 25 March. Following a strategic review of its portfolio, Wood identified potential asset disposals which are expected to generate proceeds in the range of c$200m-c$300m. This transaction makes a good contribution to the asset disposal programme.
The TNT business was sold to Cementation Americas, a firm owned by Murray & Roberts Holdings Ltd, for $38m, representing a multiple of 5.2x 2018 EBITA of $7.3m.