Expects net cash proceeds of 125 mln usd (Il Sole 24 Ore Radiocor) - London, 28 Aug - The UK engineering and consulting company John Wood said it has signed separate sales agreements for the disposals of two businesses, which together are expected to generate net proceeds of around 165 million dollars in 2024, including loan notes of up to 42 million.

The group has signed deals for the sale of its stake in Ethos Energy Group, a joint venture with Siemens Energy focused on rotating equipment, and CEC Controls Company, an industrial and process control systems business, in the automotive market.

Combined, these two businesses contributed 41 million dollars to Wood's adjusted EBITDA in 2023.

Wood expects net cash proceeds of around 125 million from these disposals when they complete, which is expected to be later in 2024. In addition, Wood will be issued loan notes by EthosEnergy which, on repayment around five years after completion, will generate further proceeds of up to 2 million dollars plus interest.

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(RADIOCOR) 28-08-24 09:38:41 (0185) 5 NNNN