John Wood Group

John Wood Group plc, commonly known as Wood, is a British multinational engineering and consulting business with headquarters in Aberdeen, Scotland. It is listed on the London Stock Exchange as well as being a constituent of the FTSE 250 Index.

Not to be confused with Wood Mackenzie.

John Wood Group plc
TypePublic limited company
LSE: WG.
IndustryEnergy and Built Environment
Founded1982
FounderIan Wood
HeadquartersAberdeen, Scotland, UK
Key people
Roy Franklin (Chairman), Robin Watson (Chief Executive)
ProductsEngineering and consulting
RevenueUS$9,890.4 million (2019)[1]
US$411.0 million (2019)[1]
US$72.8 million (2019)[1]
Number of employees
60,000 (2020)[2]
Websitewww.woodplc.com

History

The business was founded by Sir Ian Wood in 1982, when it split away from JW Holdings,[3] the largest fishing company in Scotland.[4] JW Holdings had diversified into the energy services business at the outset of the North Sea oil industry in the early 1970s.[5]

The company acquired Mustang Engineering Inc, an engineering business based in Houston, Texas in September 2000.[6]

In 2002 the company was listed on the London Stock Exchange.[4]

In March 2017, the company announced it would acquire its rival, Amec Foster Wheeler, in an all stock deal, valued at approximately £2.2 billion.[7] The transaction was completed on 9 October 2017.[8]

In 2020 the nuclear business, mostly decommissioning work at Sellafield, was sold for £250 million to the US Jacobs Engineering Group which has a global nuclear business. The sale will reduce company debt and supports its increasing focus on growing areas like renewables.[9]

Operations

Wood provides a range of engineering, production support and maintenance management services to the energy and industrial sectors worldwide.[10]

See also

References
  1. "Annual Results 2019" (PDF). Wood Group. Retrieved 10 March 2020.
  2. "About us". Wood Group. Retrieved 5 March 2020.
  3. Gosden, Emily. "Billionaire Wood Group chairman Sir Ian Wood to retire". The Daily Telegraph. Retrieved 20 July 2017.
  4. "Wood Group Company History and Heritage". woodgroup.com. Retrieved 3 April 2015.
  5. Darroch, Valerie (31 December 2006). "Boss of the year: Sir Ian Wood reveals the secret of his success as he gets ready for a new role". Sunday Herald. Retrieved 27 April 2008.
  6. "Wood Group confirms signing of Mustang deal". European Power News. September 2000. Retrieved 7 April 2017.
  7. "Wood Group agrees takeover of rival Amec Foster Wheeler". BBC News. 13 March 2017. Retrieved 2 September 2020.
  8. "Wood Group completes £2.2bn takeover of Amec Foster Wheeler". City AM. 9 October 2017. Archived from the original on 9 October 2017. Retrieved 9 October 2017.
  9. Black, Andrew (20 August 2019). "Energy services giant Wood pulls out of UK nuclear". BBC News. Retrieved 28 August 2019.
  10. "Wood Group". Financial Times. Retrieved 7 April 2017.
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