Amec Foster Wheeler sale closes

ABERDEEN, October 9, 2017 – Wood Group has finalised the acquisition of Amec Foster Wheeler, the company announced on Monday.

The deal for the merger of the two services giants, valued at GBP 2.225 billion, was struck in March 2017.

“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,” Wood Group CEO Robin Watson said in a statement.

“Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from Day 1.”