Siemens Energy to acquire a 50% stake in RWG (Repair & Overhauls) from John Wood for $135m.

Siemens Energy, an energy technology company, agreed to acquire a 50% stake in RWG (Repair & Overhauls), a provider of repair and overhaul services to operators of industrial aero-derivative gas turbines, from John Wood, an engineering and consulting company, for $135m. "The sale of RWG to our joint venture partner, Siemens Energy Global, is a significant milestone. As previously announced, our disposal programme of non-core businesses is part of our strategy to simplify Wood and help mitigate the impact of negative free cash flow in the year. The sale will also ensure continuity for the employees and customers of RWG," Ken Gilmartin, Wood CEO.