StockMarketWire.com - Engineering company Wood Group said it had completed the planned sale of its joint venture interest in Canadian gas turbine group TransCanada to partner TC Energy for $67 million.

The deal represented a multiple of about 7.6 times Wood's share of expected 2020 earnings before interest, tax, depreciation and amortisation.

Wood said the sale formed part of its focus on portfolio optimisation, with the cash proceeds to reduce debt.

David Kemp, Chief Financial Officer commented:

TransCanada Turbines delivered overhaul, repair and maintenance services on industrial gas turbines for an international client base.




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