Foster Wheeler inks collaboration agreement with Tecnimont for North American chemicals projects

19-Feb-14

Foster Wheeler AG (Nasdaq:FWLT) announced today that Foster Wheeler USA Corporation, a subsidiary of its Global Engineering and Construction Group, has signed a collaboration agreement with Tecnimont USA Inc., a subsidiary of Maire Tecnimont S.p.A., for front-end engineering (FEED) design, detailed engineering, procurement and construction (EPC) of petrochemicals, chemicals and fertilizer facilities in the United States, Canada, and Mexico. Foster Wheeler and Tecnimont will collaborate in pursuing specific opportunities for new plants and plant revamps. This collaboration aims to deliver clients significant added value, combining the world-class skills of both companies: Foster Wheeler with its global chemicals project track record and its reputation as a FEED and EPC contractor in North America, and Tecnimont's track record in technology-driven chemicals sectors, including olefins and fertilizers and, in particular, its leading track record in polyolefins (polyethylene and polypropylene). "Delivering growth in the North American gas monetization market is a key strategic objective of Foster Wheeler," said Roberto Penno, Chief Executive Officer, Foster Wheeler Global Engineering and Construction Group. "We have already achieved a number of key wins in this sector, and this outstanding combination of the technical and project delivery skills of Foster Wheeler and Tecnimont is designed to position us strongly in key growth sectors in this market."