Oct. 29, 2009 (Business Wire) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has completed an acquisition of the majority of the assets of Atlas Engineering, Inc., a Houston-based firm engaged primarily in engineering design, project and construction management services for upstream oil and natural gas production and processing.
Foster Wheeler did not disclose the terms of the transaction.
"This acquisition represents yet another building block in our ongoing objective to increase our technical capabilities in the upstream oil and gas business – and to develop a stronger and expanded global platform to serve this market," said Umberto della Sala, president and chief operating officer of Foster Wheeler AG. "Atlas has strong technical expertise and a track record of executing projects around the world. With its focus on ‘top-side’ design and engineering, Atlas offers a natural complement to the subsea/pipeline expertise we gained with the first-quarter 2009 acquisition of the offshore engineering division of OPE Holdings Limited.”
Chris Vrakas, who has served as president of Atlas and who joins Foster Wheeler in a leadership role for this business, said, “Joining Foster Wheeler enables Atlas to grow our business within existing and new markets without compromise to the high quality services we provide to our current client base. Combined with the existing resources of Foster Wheeler, we will be able to execute larger and more complex projects and have access to clients on a global basis.”
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.
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