Foster Wheeler And GE Energy Sign Mining and Metals Memorandum of Understanding in Chile

25/10/2011


ZUG, Switzerland, Oct 26, 2011 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that the Chilean subsidiary of its Global Engineering and Construction Group has signed a memorandum of understanding with a unit of GE Energy to explore the pursuit of selected mining and metals projects in South America.

Together, GE Energy and Foster Wheeler Chile S. A. would be able to offer innovative solutions to the mining sector, combining equipment and technology from GE Energy, together with the technical expertise in mining and metals and the project execution capability of Foster Wheeler Chile S.A.

This combined offering would include mineral processing, power generation and water desalination facilities, providing solutions to address processing issues, and to improve productivity, water and waste management and power utilization.

"With labor shortages, capital challenges, lower mineral ore grades, water and energy supply difficulties and complex infrastructures, mining companies have a number of challenges to overcome," said Jose Luis Fernandez Bris, General Manager, Foster Wheeler Chile S.A. "Working with GE Energy, we can offer a wide range of innovative solutions to help the mining industry meet these challenges."

"With rising demand, environmental considerations and the need to venture into more remote areas, mining companies may be facing some of their biggest challenges ever," said Keiran Coulton, President, Global Industries, GE Energy. "By thinking systems instead of products -- and complementing our expertise with that of Foster Wheeler Chile -- we can offer solutions in South America that should enable more productive mining."

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 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, mining and metals, 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 office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at http://www.fwc.com.

About GE

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With more than 90,000 global employees and 2010 revenues of $38 billion, GE Energy http://www.ge.com/energy is one of the world's leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy--GE Power & Water, GE Energy Services and GE Oil & Gas--work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

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 or the relocation of our principal executive offices to Geneva, Switzerland; the benefits, effects or results of our strategic renewal initiative; further deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation 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 global competition, 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
Media:
United States
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
Investor Relations:
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries:
908-730-4000
fw@fwc.com
or
General Electric:
Masto Public Relations
Gina DeRossi or Howard Masto
518-786-6488
gina.derossi@mastopr.com
howard.masto@ge.com

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