Global law firm Eversheds has advised Siemens, Europe’s largest engineering company, on UK aspects of its joint-venture with John Wood Group Plc to create a global integrated rotating equipment service provider.

The joint venture consists of the Maintenance and Power Solutions businesses of Wood Group GTS (excluding its Rolls Wood Group, TransCanada Turbines and Sulzer Wood joint ventures), and Siemens’ TurboCare business unit which provides aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services.

The joint venture will be a differentiated, integrated rotating equipment service provider to the power generation, oil & gas and industrial sectors, with combined assets of approximately $1 billion and will employ approximately 4,500 people globally.

The Eversheds team was led by Partner Richard Moulton assisted by Principal Associate Ben Jones and Senior Associate Richard Kyle.

Richard Moulton commented:

“The is an extremely positive joint venture for both companies. We appreciated the opportunity to work closely with Siemens and their US Counsel in relation to this strategically important joint venture.”

Robin Johnson, Chair of Industrial Engineering at Eversheds commented:

“There are a litany of complex legal issues facing businesses operating in the Industrial Engineering sector. Eversheds is perfectly positioned to help businesses overcome these challenges as was the case in this latest deal.”