Foster Wheeler Selected as a Preferred Engineering Partner by Plaxica
17 Settembre 2014 - 1:30PM
Business Wire
Foster Wheeler AG (Nasdaq:FWLT) announced today that a UK
subsidiary of its Global Engineering and Construction Group has
been selected as a preferred engineering partner by Plaxica
Limited. Foster Wheeler has signed a technical services agreement
with Plaxica under which Foster Wheeler will provide engineering
services for the global implementation of Plaxica’s low-cost lactic
acid technology.
A booking was made in the company’s second-quarter 2014 bookings
against a work order issued by Plaxica for the provision of process
package engineering services. Subsequent bookings will be made
against work orders released by Plaxica.
“This appointment highlights our significant experience with
process technology developers in engineering scale-up and the
implementation of their commercialization strategy,” said Robert
Penno, Chief Executive Officer, Foster Wheeler Global Engineering
and Construction Group.
“Plaxica is delighted to announce Foster Wheeler as a preferred
partner for the implementation of our low-cost lactic acid
technology, which transforms a wide range of feedstocks into
high-value lactic acid via a low-cost chemical process which does
not use fermentation,” said Phil Goodier, Chief Executive Officer,
Plaxica Limited. “Our technology, for which we see particular
opportunities as a ‘bolt on’ process in the paper and pulp
industries, has been proven at demonstration scale at our pilot
plant facility based at Wilton in the north-east of England. We
selected Foster Wheeler because of its capability, sector
knowledge, local presence and global reach. Foster Wheeler will
provide Plaxica with engineering resources and skills on specific
industrialization projects, extending the capability of Plaxica’s
in-house project team.”
Plaxica is a technology licensing company founded in 2008 as a
spin-out from Imperial College, London.
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 13,000 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, minerals 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 Reading,
United Kingdom. For more information about Foster Wheeler, please
visit our website 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 on February 27, 2014, and the following, could cause the
Company’s business conditions and results to differ materially from
what is contained in forward-looking statements: the timing and
success of the proposed offer and acquisition of the Company by
AMEC plc, the risk that the Company’s business will be adversely
impacted during the pending proposed offer and acquisition of the
Company by AMEC plc, benefits, effects or results of the Company’s
redomestication to Switzerland, 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, the 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 the Company’s 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 the Company’s patents and other
intellectual property rights, increasing global competition,
compliance with its debt covenants, recoverability of claims
against the Company’s 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 or furnished to the
Securities and Exchange Commission.
Media Contacts:Foster Wheeler AGUnited StatesPatti
Landsperger, +1 908-713-2944patti_landsperger@fwc.comorUKAnne
Chong, +44 118 913 2106anne_chong@fwuk.fwc.comorOther
Inquiries+1 908-730-4000, fw@fwc.com
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