Wood Group has completed the acquisition of Amec Foster Wheeler.
Robin Watson, Chief Executive of Wood Group commented:
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 organizational structure, my Executive Leadership team and their direct reports have been announced and we are now focussing on implementing a best of both approaches for the wider organization.”
