Wood says it has completed the sale of conveyor systems business Terra Nova Technologies (TNT), close to six weeks after the deal was announced.

Following a strategic review of its portfolio, Wood identified potential asset disposals which were expected to generate proceeds in the range of $200-$300 million, with the TNT sale making a “good contribution to the asset disposal program”, it said.

The TNT business was sold to Cementation Americas, a firm owned by Murray & Roberts Holdings Ltd, for $38 million.

Back in late-March when the deal was announced, David Kemp, Wood Chief Financial Officer, said: “Terra Nova Technologies has a strong track record in delivering material handling equipment to our customers. Wood’s strategy going forward is to focus on asset-light solutions rather than the manufacture/fabrication of equipment.”

Cementation Americas said TNT has earned a solid reputation for providing quality design, supply and commissioning services for crushing and screening plants, overland conveyors, heap leach systems and mobile stacking systems for waste and dry tailings.

Justin Oleson, President of Cementation Americas, said at the time: “The purchase of TNT fits well within Cementation’s strategy to improve our ability to serve clients, both geographically and across the mining value chain. The combining of Cementation and TNT complements both our underground and surface design/build portfolios, and better positions Cementation to support our client’s total mining needs.”