HomeWorld RegionsEuropeAmec Foster Wheeler reverses on Europe nuclear business sale

Amec Foster Wheeler reverses on Europe nuclear business sale

UK-based energy services firm Amec Foster Wheeler has decided to keep its European nuclear business, although its North American nuclear business will still be sold.

The company had launched a bidding process to sell the entirety of its nuclear business in March, which it said had “created a high level of interest” and “yielded a number of attractive bids”. The sale was designed to raise à‚£500m to help alleviate the firm’s à‚£1bn in debt.

Amec said it made the decision to keep the European business in consultation with rival energy services firm the Wood Group, which has floated a à‚£2.2m ($2.85m) takeover bid that was endorsed by Amec’s shareholders in a vote earlier this month. The deal will still need to pass a review by the UK’s Competition and Markets Authority before it is final. à‚ 

Amec’s North American nuclear operations brought in à‚£83m in revenue in 2016. Their sale is expected to be completed this year.

Meanwhile, Amec’s à‚£220m sale of its circulating fluidized bed (CFB) boiler business to Sumitomo Heavy Industries was finalized this month. The firm’s heat recovery steam generator (HRSG) and industrial boilers units are also expected to be sold this year.