John Wood Group completes sale of nuclear business

Image source, Getty Images

Image caption, Wood's nuclear business is focused on decommissioning work at Sellafield in Cumbria

Scottish energy services giant John Wood Group has completed the sale of its nuclear business to US engineering firm Jacobs for 拢250m.

The announcement came after the deal was cleared by the Competition and Markets Authority on 4 March.

Its nuclear business was focused on decommissioning work at the Sellafield site in Cumbria.

The sale is part of Wood's strategy to rationalise its portfolio and focus on energy and built environment projects.

Last month, the Aberdeen-based firm sold its industrial services arm to a German firm for up to $118m (拢91m).

The cash proceeds from the sales will be used to reduce debt.

Chief financial officer David Kemp said: "Future portfolio optimisation will continue to be driven by our strategic objective of building a premium, differentiated, higher margin business focused on energy and built environment end markets.

"The sale of our nuclear business and other recent divestments have also enabled us to accelerate progress towards our leverage target."