Wood closes sale of Terra Nova Technologies

Source: press release, 3 May 2019

Wood to sell Terra Nova Technologies, a conveying and material handling systems solutions business
Wood to sell Terra Nova Technologies, a conveying and material handling systems solutions business (photo: Wood plc)

Wood has confirmed that 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 CAD 200 million to CAD 300 million. 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 USD 38 million, representing a multiple of 5.2x 2018 EBITA of USD 7.3 million.