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Foster Wheeler

From Wikipedia, the free encyclopedia
Foster Wheeler AG
Company typeSubsidiary of Amec Foster Wheeler
Nasdaq: FWLT
IndustryEngineering
Founded1927
Defunct2014
HeadquartersBaar, Switzerland
Key people
J. Kent Masters, Chairman and CEO
RevenueUS$ 3.306 billion (2013)
Number of employees
13,311 (December 2013)
Websitewww.fwc.com

Foster Wheeler AG (formerly Foster Wheeler Inc.) was a Swiss global engineering conglomerate with its principal executive offices in Reading, UK[1] and its registered office in Baar, Canton of Zug, Switzerland.[2] Foster Wheeler was added to the NASDAQ-100 on 12 July 2007. On 13 November 2014 Foster Wheeler merged with Amec plc to form Amec Foster Wheeler. The resultant company was acquired by and merged into Wood Group in October 2017.[3]

History

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Foster Wheeler was formed in 1927 from a merger of the Power Specialty Company (which replaced American Water Works Supply Company, created by Pell and Ernest Foster in 1884) and the Wheeler Condenser & Engineering Company, which was created by Frederick Merriam Wheeler[4] in 1891. It was originally based in New York City but later moved to Livingston, New Jersey and stayed there for nearly a quarter century before relocating to Clinton, New Jersey in 1987.[5][6] In 2000, Foster Wheeler moved its incorporation to Bermuda; in 2008, it moved its incorporation to Switzerland.[7][8]

The company was listed on the New York Stock Exchange in 1929.[9]

On 26 February 2008 Foster Wheeler Announced it had acquired Biokinetics.[10]

Foster Wheeler was acquired by AMEC plc in the second half of 2014 to form Amec Foster Wheeler.[11] The acquisition coincided with a downturn in the price of crude oil which depressed the market for services to the energy industry and left the merged company with substantial debt.[12][13][14] Amec Foster Wheeler was bought by and merged into Wood Group in October 2017.[15]

Operations

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The company was focused on engineering, procurement, and construction management (EPC) contracting and power equipment supply. It comprised two business groups: a Global Engineering and Construction (E&C) Group and a Global Power Group.

Global E&C Group

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The Global E&C Group designed, engineered and constructed leading-edge processing facilities and related infrastructure for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals & petrochemicals, pharmaceuticals, biotechnology & healthcare, environmental and power industries.

They owned technology in delayed coking, solvent de-asphalting, and hydrogen production processes. They also provided international environmental remediation services with related technical, engineering, design and regulatory services.

Global Power Group

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The Global Power Group built, owned and operated cogeneration, independent power production, and waste-to-energy facilities as well as facilities for the process industries, providing electricity, steam, and feed stocks to industries and local grids.

See also

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References

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  1. ^ "Amec Foster Wheeler - International engineering and project management services". Archived from the original on 22 May 2022. Retrieved 18 January 2016.
  2. ^ "Contact Us:Corporate Archived 2012-01-04 at the Wayback Machine." Foster Wheeler. Retrieved on December 30, 2011. "Foster Wheeler AG Lindenstrasse 10 6340 Baar, (Canton of Zug), Switzerland" and "Principal Executive Offices Foster Wheeler AG 80 Rue de Lausanne 1202 Geneva, Switzerland "
  3. ^ "Wood Group completes takeover of Amec". BBC News. 2017-10-09. Retrieved 2020-04-30.
  4. ^ Whittemore, Henry (1894). History of Montclair Township. NY: The Suburban Publishing Co. p. 270.
  5. ^ Foster Wheeler Funding Universe
  6. ^ "History of Foster Wheeler Corporation – FundingUniverse". Retrieved 18 January 2016.
  7. ^ Johnston, David Cay (2000-11-30). "Foster Wheeler to Establish Base in Bermuda". The New York Times. ISSN 0362-4331. Retrieved 2015-06-17.
  8. ^ "Foster Wheeler Plans Reincorporation in Switzerland (Update4) - Bloomberg". Bloomberg News. Retrieved 2015-06-17.
  9. ^ "The Stocks That Survived 1929". CNBC. 27 October 2008. Retrieved 15 August 2016.
  10. ^ "CapEQ | Foster Wheeler acquires Biokinetics (Business Sale)". CapEQ. Retrieved 2022-01-25.
  11. ^ Brian Swint (13 January 2014). "Amec Agrees to Acquire Foster Wheeler for $3.2 Billion". Bloomberg.com. Retrieved 18 January 2016.
  12. ^ Thomas, Nathalie; Ward, Andrew; Massoudi, Arash (13 March 2017). "Wood Group offer comes just in time for Amec Foster Wheeler". Financial Times. Financial Times Ltd. Retrieved 5 December 2018.
  13. ^ Armitage, Jim (21 April 2017). "Jim Armitage: Canny Neil Bruce has struck for Atkins at the right time". Evening Standard. Evening Standard Ltd. Retrieved 4 December 2018.
  14. ^ Thomas, Nathalie; Ward, Andrew (13 March 2017). "Wood Group agrees to buy Amec Foster Wheeler for £2.2bn". Financial Times. FT Group. Retrieved 4 December 2018.
  15. ^ "Wood Group completes £2.2bn takeover of Amec Foster Wheeler". City AM. 9 October 2017. Archived from the original on 9 October 2017. Retrieved 9 October 2017.
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