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.

3 months ago
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