A subsidiary of John Wood Group PLC (“Wood Group”) has acquired Z.TEC GmbH Energy Service (“Z.TEC”), a company based in Moers, Germany, providing services to heavy industrial gas turbine users in Germany and other parts of central Europe. Z.TEC will operate as part of Wood Group’s Gas Turbine Services division. Z.TEC had revenues of €8.2 million for the year 2002, together with estimated revenues of approximately €11 million in 2003 and estimated net assets of €2 million as at 31 December 2003. Its previous owners, Ulrich Zumbusch, Hans-Jürgen Ciesielski and Hans-Jürgen Werning will remain with the company as joint Managing Directors.
Allister Langlands, Group Deputy Chief Executive and Chief Executive of Gas Turbine Services, said: “Z.TEC has achieved considerable success in Germany and will increase Wood Group’s field service capabilities in Europe and provide opportunities for pull through of component repair, parts supply and generator services.”
Z.TEC’s joint Managing Directors said: “We are very excited to join Wood Group and believe that together Z.TEC and Wood Group can offer a broad range of services to support the maintenance requirements of power companies in Europe today and in the future.”
About Wood Group
Wood Group is an international energy services company with more than $1.7bn sales in 2003, employing more than 12,000 people worldwide and operating in 34 countries. The Group has three Businesses: Engineering & Production Facilities, Well Support, and Gas Turbine Services providing a range of engineering, production support, maintenance management and industrial gas and steam turbine-generator overhaul and repair services to the oil & gas, and power generation industries worldwide.
Wood Group Gas Turbine Services is a leading world-wide independent provider of maintenance, repair and overhaul services for gas turbines, steam turbines, generators, and other high-speed rotating equipment, including pumps and compressors. The company also repairs gas turbine accessories and components for industrial and aero customers.
Z.TEC GmbH Energy Service, based in Moers, Germany provides service support for heavy industrial gas turbines users. Services include inspection, maintenance, hot gas path component repair, and spare parts supply.