Technical Consulting Solutions (TCS) is a combination of Wood's former Specialist Technical Solutions and Environment & Infrastructure Solutions businesses.
The global customer base of these former units spans across multiple sectors and areas, including renewables, infrastructure design, environmental planning and remediation, upstream and downstream oil and gas, manufacturing, mining, and a range of governmental agencies.
The new player in the technical consulting space comes with a connected global network of more than 15,000 experts.
According to Wood, TCS was created to have all its expertise available through one business, which can provide agility to respond to changes within its customers' sectors.
It will deliver consulting-led solutions against a backdrop of an increased environmental focus, evolving energy transition, further digitalisation, and a growing demand for sustainable infrastructure and environmental resiliency.
The new CEO of TCS, Joe Sczurko, who has spent more than 30 years in consulting engineering, believes the combined capabilities within the new business are "unmatched" among its competitors.
"We can help customers effectively plan their projects, optimise their capital expenditures, address environmental concerns, improve the productivity of their day-to-day operations, and preserve value in their property, plants and equipment," he said.
"Remaining customer-centric throughout the asset life cycle, we focus on achieving their objectives with industry-leading technical experts in each phase of the life cycle: plan, engineer, build, operate and re-purpose."
In October 2017, Wood completed the acquisition of mining consultant Amec Foster Wheeler. It is, however, also disposing of non-core assets, including its material-handling subsidiary Terra Nova Technologies, which it sold to Cementation Americas for $38 million earlier this year.
The agreed sale of its nuclear business (to a subsidiary of US company Jacobs for $305 million), in turn, will be completed in the March quarter of 2020, and Wood will use the cash proceeds to reduce debt.
Wood currently operates in more than 60 countries, employing around 60,000 people, with revenues of around $10 billion.
