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Article: Baker Completes Sale of Energy Business to Wood Group; Will Focus on Growing Core Engineering Business.
- Article from:
- Business Wire
- Article date:
- October 1, 2009
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PITTSBURGH -- Michael Baker Corporation (NYSE Amex: BKR) announced today that it has completed the sale of its energy business segment ("Baker Energy") to a subsidiary of international energy services company John Wood Group PLC ("Wood Group"), a move that will enable Baker to focus on its core engineering, architecture and construction services business. The purchase price was $37.9 million, paid in cash, plus a yet-to-be-determined price adjustment based on the net assets as of September 30, 2009.
"This transaction presents a true win-win situation for both companies," said Brad Mallory, Baker's president and chief executive officer. "It is an important element ...