Aberdeen energy service giant Wood has agreed to sell its conveying and material handling systems solutions business for £29 million.
Terra Nova Technologies is being acquired by Cementation Americas, owned by Murray and Roberts Holdings.
The sale is expected to go through in the second quarter.
Wood chief financial officer David Kemp said: “Terra Nova Technologies has a strong track record in delivering material handling equipment to our customers.
“Wood’s strategy going forward is to focus on asset light solutions rather than the manufacture / fabrication of equipment.
“The disposal makes a good contribution to our non-core asset disposal programme which is a key element of our deleveraging plan.”
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