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Bids, Mergers and Takeovers

Wood Group acquires CEC Controls Company Inc

24 May 2017 08:46

Wood Group has acquired CEC Controls Company Inc for an initial consideration of $44m payable in cash at closing with a further total fixed deferred consideration of $15m, payable in cash over the next three years.

CEC Controls is a a management-owned designer and builder of industrial and process control systems primarily in the automotive manufacturing industry.

CEC Controls's current clients include Ford, GM and Fiat-Chrysler and the business will continue to be led by its existing management team.

CEC Controls currently has gross assets of $34m and generated an EBITA of $9.6m in 2016.

At 8:46am: (LON:WG.) John Wood Group PLC share price was -10.25p at 750.25p

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