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EU: Commission clears Siemens, John Wood joint venture

 |  April 24, 2014

The European Commission announced Thursday that it has approved of a proposed joint venture between Germany’s Siemens and John Wood Group to combine their turbine operations, say reports.

The joint venture, worth $1 billion, forges a partnership between the industrial conglomerate and energy services firm. The companies first announced last October that John Wood is looking to spin-off some turbine operations into a venture with Siemens.

John Wood will hold a 51 percent stake in the project, according to reports.

Full Content: Wall Street Journal

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