Business news: Wood Group acquires Amec Foster Wheeler

Wood Group has completed its acquisition of Amec Foster Wheeler, and the new company will be called Wood.

“This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets,” said Robin Watson, Wood Group chief executive. “Wood is better placed to serve customers than ever before, with a more comprehensive range of capabilities and the potential to deliver efficient integrated solutions with fewer customer interfaces.”

As part of the acquisition, holders of ordinary shares of 50 pence each in Amec Foster Wheeler capital will receive 0.75 of an ordinary share of 4 2/7 pence each in Wood Group capital. The Wood Group’s issued share capital will consist of 677,685,600 ordinary shares, each carrying the right to one vote.

Wood Group delivers project, engineering and technical services to energy and industrial markets. The company operates in more than 60 countries and has revenues of more than $11 billion. The company has provided services for a number of conventional hydropower and wave energy projects. For example, Wood Group won a contract in 2013 to rerate a generator at the 1,260-MW Castaic pumped-storage plant.

According to the Amec Foster Wheeler website, the company has provided detailed studies, design, engineering and construction management services to utilities, governments, financial institutions and renewable technology developers for more than 100 years. The company has experience with hydropower, as well as wind, solar, geothermal, biomass, biofuels, and more.

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