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Wood sells stake in Canadian turbine business
Wood completed the sale of its joint venture interest in TransCanada Turbines to joint venture partner TC Energy for a cash consideration of US$67m. The deal represents a multiple of approximately 7.6x Wood’s share of expected 2020 EBITDA. The cash proceeds will be used to reduce debt and accelerate progress towards Wood’s target leverage.
The TransCanada Turbines business delivers overhaul, repair and maintenance services on industrial gas turbines for an international client base. It is headquartered in Calgary, Alberta with field service offices across the globe.
“Our focus on portfolio optimization is driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment markets." David Kemp, Chief Financial Office. "The sale of our interest in TransCanada Turbines will also make a positive contribution towards achieving our leverage target.”