British multinational engineering and consulting company
John Wood Group plc, commonly known as Wood, is a British multinational engineering and consulting business with headquarters in Aberdeen, Scotland. It is listed on the London Stock Exchange as well as being a constituent of the FTSE 250 Index.
History
The business was founded by Ian Wood in 1982, when it split away from JW Holdings,[3] the largest fishing company in Scotland.[4] JW Holdings had diversified into the energy services business at the outset of the North Sea oil industry in the early 1970s.[5]
The company acquired Mustang Engineering Inc, an engineering business based in Houston, Texas in September 2000.[6]
In 2002 the company was listed on the London Stock Exchange.[4]
In March 2017, the company announced it would acquire its rival, Amec Foster Wheeler, in an all stock deal, valued at approximately £2.2 billion.[7] The transaction was completed on 9 October 2017.[8]
In 2020 the nuclear business, mostly decommissioning work at Sellafield, was sold for £250 million to the US Jacobs Engineering Group which has a global nuclear business. The sale will reduce company debt and supports its increasing focus on growing areas like renewables.[9]
The company announced in February 2022 that it would make a loss of approximately US$222million on an anti-missile defence facility for the United States Army Corps of Engineers.[10]
In June 2022, the company announced the sale of its built environment consulting business to WSP Global Inc for approximately US$1.9billion.[11]
Later that month, Wood appointed Ken Gilmartin as its new CEO. Gilmartin joined company in August 2021 as Chief Operating Officer following a 15-year career at Jacobs.[12]
Operations
Wood provides consultation, management of assets and engineering services for the energy and materials sector.[13]
US$5,442.2 million (2022)[1]
US$(351.7) million (2022)[1]
