Murray & Roberts Holdings to acquire Terra Nova Technologies business from John Wood Group for $38m.

Cementation Americas, a business owned by Murray & Roberts Holdings agreed to acquire Terra Nova Technologies business, a conveying and material handling systems solutions business, from John Wood Group. Cash proceeds in respect of the disposal will be $38m, representing a multiple of 5.2x 2018 EBITA of $7.3m. The sale remains subject to normal conditions, with closing expected in Q2. David Kemp, Wood chief financial officer commented: "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."