Wood Group sells stake in Ethos Energy for $138M, simplifying its business amid revenue drop.
Oil and gas firm Wood Group has sold its 51% stake in Ethos Energy, a joint venture with Siemens focused on industrial equipment, for about $138 million. This move is part of Wood's strategy to simplify its business. Despite a 3% drop in year-to-date revenue to $4.3 billion, Wood forecasts high single-digit growth in earnings and plans to maintain net debt around $694 million. Scotch whisky distillers worry that President-elect Trump’s protectionist trade policies could reintroduce damaging import tariffs on single malt whisky exports to the US.
Further Reading
You have 14 free stories remaining this month. Subscribe anytime for unlimited access.