Wood Group Takes Over Amec Foster Wheeler
Wood Group has completed the acquisition of Amec Foster Wheeler.
Robin Watson, chief executive of Wood Group, said: “This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.
“We become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors, differentiated by the quality of our people, enabling technology and know-how. 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.
“We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.
“Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from Day 1. We have a clear organisational structure, my Executive Leadership team and their direct reports have been announced and we are now focusing on implementing a best of both approach for the wider organisation. “
As of 6 October, Ian McHoul, Linda Adamany and Roy A Franklin have been appointed to the Wood Group Board as Non-executive Directors.