John Wood Group PLC (‘Wood’ or ‘the Group’) has signed a sales agreement for the disposal of Kelchner Inc, a U.S. civil construction services business, to Strength Capital Partners (SCP), a U.S. private equity group.
The divestment is part of Wood’s previously announced non-core business disposals programme.
Kelchner Inc, which employs 140 people and provides lump sum, fixed price subcontract civil and earthwork services for commercial and public infrastructure works, was part of Wood’s Investment Services portfolio.
Net cash proceeds from the deal total c. $30 million to Wood.