Wood reaches agreement to sell industrial services business

first_imgThe divestment is another important step in Wood’s portfolio rationalisation strategy and follows the planned sale of the company’s nuclear business Wood reaches agreement to sell industrial services business. (Credit: Adam Radosavljevic from Pixabay) John Wood Group PLC announces today the sale of its industrial services business to technical services provider, Kaefer, for an initial cash consideration of circa $104 million and a further potential payment of up to circa $14m pending achievement of agreed financial goals.The divestment is another important step in Wood’s portfolio rationalisation strategy and follows the planned sale of the company’s nuclear business, which was announced in August 2019 and is expected to complete in Q1 2020. Cash proceeds from the disposals will be used to reduce debt.David Kemp, Wood’s chief financial officer said: “The sale of our industrial services business is the latest divestment aimed at maintaining our strong balance sheet and achieving our target leverage.“As our focus has moved towards building a premium, differentiated and higher-margin business, the industrial services offering is no longer core to our strategy. However, it is an excellent fit with Kaefer who see a clear opportunity to grow the business further and extend its market share across new sectors and geographies.”Wood’s industrial services business provides integrity and fabric maintenance for assets in the marine, process energy, offshore oil & gas and infrastructure sectors across the UK and Ireland. Source: Company Press Releaselast_img read more

NAFCU here to serve CUs

first_img continue reading » Throughout the coronavirus pandemic, credit unions have demonstrated why more than 120 million Americans have chosen them to meet their financial goals. NAFCU is proud to serve the credit union industry as the only trade group focused on representing its interests at the federal level.“We witness daily credit unions’ commitment to the financial wellbeing of their members and communities, that includes those who are underserved or in designated minority communities,” said NAFCU President and CEO Dan Berger. “Our industry was founded on the premise of supporting our neighbors, coworkers, friends and family through difficult financial times and credit unions have not strayed from that mission, especially as we face national economic crises or a global pandemic.“NAFCU will continue to do what we’ve always done – advocate for the best interests of the credit union industry and ensure that Americans most in need of financial services have access to the best financial services available. Racism and injustice of any kind have no place in this nation or in financial services, and we will continue to advance diversity, equity, and inclusion (DEI) efforts across the industry.”The association is working closely with the NCUA and Congress on this issue. For instance, NAFCU is currently requesting additional support for Community Development Financial Institutions (CDFIs), minority depository institutions (MDIs), and the NCUA’s Community Development Revolving Loan Fund (CDRLF) to ensure Americans and small businesses suffering most from the coronavirus pandemic are not left behind, and has defended the NCUA from banker attacks against its efforts to ensure military members have access to credit unions’ financial services. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more