Attached files
| file | filename |
|---|---|
| 8-K - FOSTER WHEELER AG | v169551_8k.htm |
| EX-99.1 - FOSTER WHEELER AG | v169551_ex99-1.htm |
| EX-99.3 - FOSTER WHEELER AG | v169551_ex99-3.htm |
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Exhibit
99.2
|
FOSTER WHEELER ANNOUNCES RELOCATION
OF OPERATING HEADQUARTERS
ZUG,
SWITZERLAND, December 17, 2009 -- Foster Wheeler AG (Nasdaq: FWLT) announced
today that its Board of Directors has approved management’s proposal to relocate
the company’s operating headquarters from Perryville, New Jersey to Geneva,
Switzerland. The company will continue to remain domiciled in Zug,
Switzerland.
This
decision is effective immediately, the transition has already begun, and the
affected executives will begin operating from Switzerland in January
2010.
Raymond
J. Milchovich, chairman and chief executive officer of Foster Wheeler AG, said,
“Given the worldwide growth of Foster Wheeler, nearly 85% of our business is
currently outside of North America. As a result, this relocation will
significantly increase management effectiveness by having our senior executive
team in much closer proximity to our markets, clients and
operations.”
Milchovich
added, “This move is the logical next step for us after the redomestication of
the company to Switzerland earlier this year. Most importantly, it
positions us well to maintain an extremely competitive worldwide effective tax
rate, which is consistent with our objective of generating superior returns for
our shareholders.”
The key
executive positions that will relocate to Geneva include Chief Executive
Officer; Executive Vice President, Chief Financial Officer and Treasurer;
General Counsel; Executive Vice President of Human Resources; Vice President,
Tax; Vice President and Chief Corporate Compliance Officer; and Vice President,
Corporate Development.
The
President and Chief Operating Officer and the Vice President, Project Risk
Management will continue to operate from their current locations in
Europe.
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.
# # #
09-399
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.
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.
# # #
Contacts:
|
Media
|
Maureen
Bingert
|
908
730 4444
|
maureen_bingert@fwc.com
|
|
Investor
Relations
|
Scott
Lamb
|
908
730 4155
|
scott_lamb@fwc.com
|
|
Other
Inquiries
|
908
730 4000
|
fw@fwc.com
|