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.

Wood is a global leader in the delivery of project, engineering and technical services in energy, industry, and the built environment.[the_ad id=”31605″]