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Amec Foster Wheeler sells CFB boiler arm

26 June 2017 07:31

Amec Foster Wheeler has completed the sale of its circulating fluidised bed (CFB) boiler business to Sumitomo Heavy Industries for a consideration of US$170m.

The group said the sale was part of the company-wide transformation programme, which included the sale of non-core assets, and the net proceeds would be used to reduce net debt. Amec Foster Wheeler said the CFB boiler business was the largest part of GPG and the remaining GPG steam generator businesses included the heat recovery steam generator and industrial boilers businesses which were also expected to be sold during this year.

Chief executive Jon Lewis said: "We have made significant progress with the company wide transformation programme that we launched last year.

"The completion of the sale of the CFB boiler business is a milestone in this programme. We are continuing to implement the programme enabling us to better serve our customers and strengthen the company's balance sheet."

Story provided by StockMarketWire.com

Related Company: AMFW

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