Wood Group acquires Pyeroy Group

3rd Jul 2013 07:26

Wood Group has acquired Pyeroy Group, a provider of specialist coatings, access and fabric maintenance services to the oil and gas, marine and rail industries.The FTSE 100 company said Pyeroy has an excellent track record of growth and will complement Wood Group's existing services in offshore brownfield engineering and construction, operations, maintenance and decommissioning.Pyeroy generated revenue and earnings before interest, tax and amortisation (EBITA) of £88.9m and £4.6m, respectively, for the year ended December 31st, 2012. The group will continue to be led by Managing Director, Hugh Pelham, and will operate within the Wood Group PSN division."The fit is ideal, strategically," said Pelham. "We have room for growth in the oil & gas sector and we also have the skills and experience to complement Wood Group PSN's oil and gas capability. We believe that joining Wood Group will enable us to offer a broader service offering to our customers."RD