23rd Mar 2021 09:48
(Alliance News) - John Wood Group PLC on Tuesday said it has sold its stake in its joint venture with Swiss engineer and manufacturer Sulzer AG to the partner company for USD17.5 million.
The exit from Sulzer Wood Ltd, which provides support services for machinery used in the oil and gas industry, is part of Wood's plan to focus on core parts of its portfolio and cut debt, Wood said.
Aberdeen-based John Wood, which provides services to the energy industry, has held an interest in the joint venture for over two decades.
John Wood shares were down 2.4% to 273.70 pence in London.
By Ivan Edwards; [email protected]
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