Summary
The Scottish company Wood plc, known for its role in the oil and gas industry, has been sold to Sidara, an engineering firm in Dubai. Wood plc faced significant financial difficulties, leading to a takeover supported by 88% of its shareholders. The deal is valued at £216 million, with Sidara planning to invest an additional $450 million into Wood.
Key Facts
- Wood plc, based in Aberdeen, Scotland, is being taken over by Sidara, a Dubai-based engineering firm.
- Wood faced financial challenges, including a pre-tax loss of over £2 billion.
- The takeover was supported by 88% of shareholder votes.
- Wood's market valuation peaked at over £5 billion in 2013 but has since declined sharply.
- Sidara offered £216 million for the takeover and plans to inject $450 million into the company.
- The company operates in over 60 countries with about 35,000 employees.
- Wood's current CEO, Ken Gilmartin, will step down, and Iain Torrens will take over after the deal.
- The company was formerly known as the John Wood Group and will return to this branding under Sidara.
