Friday 25 April 2014

EU approves Siemens-Wood Group energy venture

The European Commission has approved a joint venture between German industrial giant Siemens and UK energy services firm Wood Group.

Last year the two companies proposed to create a global rotating equipment service business, with the Aberdeen-based oil services company planning to roll some of its maintenance and power operations into Siemens’ TurboCare unit.

TurboCare designs gas and steam turbines and generators and offers repair services.

The Commission said in a statement: “The investigation confirmed that the proposed transaction does not raise competition concerns.”

The new business is expected to have annual sales of around $1 billion (£0.6bn) and employ 4,500 people globally. Wood Group will own 51% of the venture.