KAEFER has announced the acquisition of Wood’s industrial services business from John Wood Group PLC in the UK and Ireland.
The global industrial services firm has stated the business is becoming a wholly-owned subsidiary of KAEFER Group. It’s understood that the two companies will merge into one company that will operate as KAEFER all over the UK and Ireland.
Reports suggest Wood’s industrial services business was sold for an initial payment of $104 million. A potential further $14 million will be paid pending on the business achieving agreed financial goals.
KAEFER has said the merger will provide its clients with additional capacities, know-how and project management capabilities.
Wood’s industrial services business employs approximately 2,000 highly skilled people at 16 locations all over the UK and Ireland. The company provides high-end services for industrial operations, such as the application of protective coatings, access solutions, thermal insulation, passive fire protection and specialist services.
“Our clients will continue to receive the same high-quality service they have come to expect plus the extra value offered by both companies working together,” says Steen E. Hansen, Co-CEO at KAEFER.
“Wood’s industrial services business and KAEFER work in different, yet related industries, which is why they complement one another so well. These combined capabilities will support our clients’ success and increase our competitive strength. We are certain that this is an excellent step towards reaching the goals established in our strategic programme.” adds Hansen.