Wood, the global consulting and engineering company, announces today that it has completed the sale of its joint venture interest in Sulzer Wood Ltd to existing partner Sulzer for a consideration of US$17.5m.
The sale is part of Wood’s focus on portfolio optimisation by divesting from non-core activities. The cash proceeds will be used to reduce debt and accelerate progress towards Wood’s target leverage.
Sulzer is a global leader in fluid engineering that specialises in pumping, agitation, mixing, separation and application technologies for fluids of all types.
Wood has held an interest in the company for over two decades.