British engineering company John Wood Group PLC has entered into an agreement to sell 50% of RWG (Repair&Overcapacity) Limited to German Siemens Energy Global GmbH & Co. KG for $135 million. This is reported in a John Wood press release.
The deal is aimed at optimizing John Wood's assets and reducing debt obligations. The transaction is expected to be completed in early 2026, subject to regulatory approval.
RWG is a joint venture between a subsidiary of JWG Investments Limited, and Siemens Energy Global, a division of Siemens Energy AG, in the industrial aviation gas turbine repair sector.
From the point of view of John Wood's management, the sale of assets meets the best interests of shareholders and helps resolve financial issues. The Company aims to reduce non-core assets in order to offset negative free cash flow and increase the strategic focus of its operations. The proceeds from the sale of the stake in RWG will be used for corporate purposes and to reduce Wood's net debt.
John Wood Group is a British multinational engineering and consulting company with headquarters in Aberdeen (Scotland).
Siemens Energy Global is a subsidiary of Siemens AG that manufactures equipment for the energy industry. The company was founded in April 2020 as part of the separation from the Siemens AG group into an independent company. The concern retains a 35% stake in Siemens Energy. The headquarters is located in Munich (Germany).
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