Hints and tips:
...It is a small FTSE 250 engineer that is midway through yet another turnaround after its calamitous £2.2bn takeover of Amec Foster Wheeler in 2017, which saddled it with debt and legal liabilities....
...Wood is midway through yet another turnaround after the calamitous 2017 takeover of Amec Foster Wheeler. It is a troubled mid-cap, with a market value of £971mn and negative free cash flow....
...Wood is still fixing problems created by its 2017 acquisition of Amec Foster Wheeler, which in the last three years has cost $665mn in cash exceptionals and has pushed net debt towards 4 times ebitda....
...Switching to a corporation also means partners will not have to file tax returns in every US state where the firm does business, a process that has become painfully complicated as BDO USA’s annual revenues...
...Wood paid a similar amount for its then UK rival Amec Foster Wheeler (AFW) in 2017. Wood inherited problem contracts and historic corruption allegations — now settled — from the ill-fated deal....
...In February, the SFO announced Nigeria would be paid just over £200,000 out of a settlement it had agreed with engineering company Amec Foster Wheeler, to pay the country back for tax revenue it was deprived...
...Foster Wheeler in 2016....
...This last figure included $38mn in payments after a Serious Fraud Office probe into 2017 Wood acquisition Amec Foster Wheeler, with another two payments of a similar size to come....
...agent of Amec Foster Wheeler Energy Limited....
...“The mine’s environmental performance was also audited externally multiple times by the Kyrgyz government’s environmental consultant, AMEC Foster Wheeler, and the European Bank for Reconstruction and Development...
...As a proportion of GDP our debt remains lower than the USA, Canada, France, Italy and Japan....
...It now accounts for just one-third, partly a function of the 2017 acquisition of rival Amec Foster Wheeler. Renewables contribute a quarter....
...Wood said it expected to reach settlements with UK, US and Brazilian authorities by mid-year over their investigations into possible corruption and bribery at Amec Foster Wheeler, the rival energy services...
...Those included KBR, British company Amec Foster Wheeler — now owned by engineering group Wood — Swiss-Swedish conglomerate ABB and Petrofac....
...Foster Wheeler business....
...Wood has been diversifying away from its North Sea oil and gas roots in recent years, a strategy that was accelerated by its £2.2bn takeover of rival engineering group Amec Foster Wheeler in 2017....
...The purchase of rival Amec Foster Wheeler in 2017 sped up diversification. Renewables and power account for a fifth of revenues now....
...Ian has provided an outstanding contribution to Wood during a period of transformational change for the business including, most recently, the acquisition of Amec Foster Wheeler,” Mr Franklin said....
...Wood expects the deal to allow it to deleverage to close to its targets, after the 2017 acquisition of rival Amec Foster Wheeler saddled it with high debt levels....
...John Wood Group has struggled to integrate its 2017 £2.2bn acquisition of peer Amec Foster Wheeler....
...The company cut its exposure to oil and gas from 85 to 60 per cent with its 2017 acquisition of rival Amec Foster Wheeler....
...John Wood dived after the oil services engineer scrapped a debt-reduction target set when it bought Amec Foster Wheeler in 2017....
...“We believe that the group’s sharp underperformance this year has been driven by fears around cash generation, which have largely been as a result of the Amec Foster Wheeler acquisition....
...The Aberdeen-headquartered company also said the integration of its acquisition of rival Amec Foster Wheeler last year was ahead of schedule, and raised its three-year cost savings target from at least $170m...
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