Wood Group JV with Siemens AG becomes official

7th May 2014 09:03

Wood Group has officially established its joint venture (JV) with Siemens AG after all regulatory approvals were received. The JV, EthosEnergy, is a blend of Wood Group GTS's Maintenance and Power Solutions businesses and Siemens' TurboCare business unit which provides aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services. The venture is 51% owned by Wood Group and 49% by Siemens. Shares in Wood Group were 0.69% lower at 791.50p by 09:10 on Wednesday, while Siemens rose 3.37% to 97p.NR

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