Foster Wheeler Acquires Pharma/Biotech Construction Management Company
ZUG, Switzerland--(BUSINESS WIRE)--
Foster Wheeler AG (Nasdaq: FWLT) announced today that it has acquired
Yonkers Industries, Inc., a 30-year-old US-based firm that specializes
in the management of construction and commissioning of pharmaceutical
and biotech facilities, with capabilities to also manage the full EPCm
(Engineering, Procurement and Construction Management) of such
facilities.
With offices in California, North Carolina and Puerto Rico, Yonkers
Industries has approximately 200 professionals. Through its
participation in a project-services partnership called Modular Partners,
Yonkers also has the ability to provide modular project delivery
services on a worldwide basis.
“The acquisition of Yonkers Industries gives our pharmaceutical business
a construction management capability in North America,” said Kent
Masters, Chief Executive Officer of Foster Wheeler AG. “Yonkers has a
global reputation for excellence in contract execution, and the addition
of this construction management capability immediately strengthens our
value proposition to pharmaceutical and biotech clients.”
Masters added, “Foster Wheeler Biokinetics, our US-based pharmaceutical
unit, will experience the most immediate benefit from this acquisition –
as the client portfolios and geographic coverage of the two companies
fit together quite effectively. We believe that the project and
construction management skills of Yonkers are a perfect complement to
the biotech engineering expertise of Biokinetics.”
Foster Wheeler AG is a global engineering and construction company 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 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 to Switzerland; the benefits, effects or
results of our strategic renewal initiative; further deterioration in
global economic condition; changes in investment by the oil and gas, oil
refining, chemical/petrochemical and power generation industries;
changes in the financial condition of our 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 our
global operations; currency fluctuations; war, terrorist attacks and/or
natural disasters affecting 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 debt
covenants; recoverability of claims against customers and others by the
Company and claims by third parties against the Company; and changes in
estimates used in our 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 or furnished with the Securities and Exchange Commission.
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
Press Release $FWLT Foster Wheeler AG
ZUG, Switzerland--(BUSINESS WIRE)-- Foster Wheeler AG (Nasdaq: FWLT) announced today that it has acquired Yonkers Industries, Inc., a 30-year-old US-based firm that specializes in the management of construction and commissioning of pharmaceutical and biotech facilities, with capabilities to also manage the full EPCm (Engineering, Procurement and Construction Management) of such facilities.
With offices in California, North Carolina and Puerto Rico, Yonkers Industries has approximately 200 professionals. Through its participation in a project-services partnership called Modular Partners, Yonkers also has the ability to provide modular project delivery services on a worldwide basis.
“The acquisition of Yonkers Industries gives our pharmaceutical business a construction management capability in North America,” said Kent Masters, Chief Executive Officer of Foster Wheeler AG. “Yonkers has a global reputation for excellence in contract execution, and the addition of this construction management capability immediately strengthens our value proposition to pharmaceutical and biotech clients.”
Masters added, “Foster Wheeler Biokinetics, our US-based pharmaceutical unit, will experience the most immediate benefit from this acquisition – as the client portfolios and geographic coverage of the two companies fit together quite effectively. We believe that the project and construction management skills of Yonkers are a perfect complement to the biotech engineering expertise of Biokinetics.”
Foster Wheeler AG is a global engineering and construction company 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 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 to Switzerland; the benefits, effects or results of our strategic renewal initiative; further deterioration in global economic condition; changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries; changes in the financial condition of our 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 our global operations; currency fluctuations; war, terrorist attacks and/or natural disasters affecting 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 debt covenants; recoverability of claims against customers and others by the Company and claims by third parties against the Company; and changes in estimates used in our 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 or furnished with the Securities and Exchange Commission.
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
Source: Foster Wheeler AG