ABERDEEN, UK: Wood Group (John) PLC has confirmed 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 $200 million-$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 $38 million.
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