Foster Wheeler Completes Acquisition of Assets from Atlas Engineering

28/10/2009


ZUG, Switzerland--(BUSINESS WIRE)--Oct. 29, 2009-- Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has completed an acquisition of the majority of the assets of Atlas Engineering, Inc., a Houston-based firm engaged primarily in engineering design, project and construction management services for upstream oil and natural gas production and processing.

Foster Wheeler did not disclose the terms of the transaction.

"This acquisition represents yet another building block in our ongoing objective to increase our technical capabilities in the upstream oil and gas business – and to develop a stronger and expanded global platform to serve this market," said Umberto della Sala, president and chief operating officer of Foster Wheeler AG. "Atlas has strong technical expertise and a track record of executing projects around the world. With its focus on ‘top-side’ design and engineering, Atlas offers a natural complement to the subsea/pipeline expertise we gained with the first-quarter 2009 acquisition of the offshore engineering division of OPE Holdings Limited.”

Chris Vrakas, who has served as president of Atlas and who joins Foster Wheeler in a leadership role for this business, said, -Joining Foster Wheeler enables Atlas to grow our business within existing and new markets without compromise to the high quality services we provide to our current client base. Combined with the existing resources of Foster Wheeler, we will be able to execute larger and more complex projects and have access to clients on a global basis.”

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs over 14,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company’s redomestication, further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by non-U.S. and U.S. domestic companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

Source: Foster Wheeler AG

Foster Wheeler AG
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Maureen Bingert, 908-730-4444
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