Thierry Desmaris Appointed Vice President of Corporate Development
February 27 2007 - 12:32PM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its board
of directors has elected Thierry Desmaris to the position of vice
president of corporate development, effective immediately. In this
newly created role, Mr. Desmaris, who is also vice president and
treasurer, will report to Raymond J. Milchovich, chairman and chief
executive officer. �Thierry is a 20-year veteran of Foster Wheeler.
He has served in a variety of senior financial management positions
in both North America and Europe, and has an in-depth knowledge of
our business,� said Mr. Milchovich. �Thierry�s prime objective will
be to oversee and expedite the Company�s growth through mergers and
acquisitions that are consistent with our strategic growth plan.
Thierry is an extremely experienced individual and I am highly
confident that he will make a significant contribution to the
future growth and success of Foster Wheeler.� Prior to his
appointment as vice president and treasurer of Foster Wheeler, Mr.
Desmaris, 48, was chief financial officer of the Company�s
Continental Europe business unit, part of its Global Engineering
and Construction Group. During his career with Foster Wheeler, he
has also held senior positions in financial planning and analysis,
and in project finance. Mr. Desmaris holds a Bachelor�s Degree from
Columbia University and a Master�s in Business Administration, from
Syracuse University. Notes to Editors: 1. Foster Wheeler Ltd. is a
global company offering, through its subsidiaries, a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation services.
Foster Wheeler serves the refining, upstream oil and gas, LNG and
gas-to-liquids, petrochemicals, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries. The corporation is based
in Hamilton, Bermuda, and its operational headquarters are in
Clinton, New Jersey, USA. For more information about Foster
Wheeler, please visit our Web site at http://www.fwc.com. 2. Safe
Harbor Statement This press release may contain forward-looking
statements that are based on the Company�s assumptions,
expectations and projections about Foster Wheeler and the various
industries within which it operates. These include statements
regarding the Company�s expectation 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 under Part II,
Item 1A. �Risk Factors� in its most recent quarterly report on Form
10-Q, could cause business conditions and results to differ
materially from what is contained in forward-looking statements:
changes in the rate of economic growth in the United States and
other major international economies; changes in investment by the
power, oil and gas, pharmaceutical and chemical/petrochemical
industries; changes in the financial condition of the Company�s
customers; changes in regulatory environment; changes in project
design or schedules; contract cancellations; changes in the
Company�s estimates of costs to complete projects; changes in
trade, monetary and fiscal policies worldwide; currency
fluctuations; war and/or terrorist attacks on facilities either
owned or where equipment or services are or may be provided;
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 competition by foreign and domestic companies;
compliance with the Company�s 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 the Company�s 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. Foster Wheeler 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.
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