Foster Wheeler Awarded Conceptual & Basic Design of New Alcon Pharmaceutical Manufacturing Plant in Singapore
August 11 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its U.S.
subsidiary, Biokinetics, Inc., along with Foster Wheeler�s
Singapore office, both part of its Global Engineering and
Construction Group, has been awarded a contract by Alcon
Laboratories Inc. to provide engineering and architectural services
for the conceptual and basic design of its new 250,000 square foot
manufacturing facility to be located in the Tuas Biomedical Park in
Singapore. The plant will produce ophthalmic pharmaceuticals for
distribution throughout Asia. The Foster Wheeler contract value,
most of which will be included in the company�s third-quarter 2008
bookings, was not disclosed. �This exciting opportunity highlights
yet another step in our growing relationship with Alcon,� said Bill
Brydges, president of Biokinetics. �Alcon�s vote of confidence is a
clear demonstration of the sound value proposition we offered. Our
winning combination leverages Foster Wheeler�s strong track record
in pharmaceutical and biopharmaceutical projects and its in-depth
knowledge of the Singaporean market, together with our relationship
with Alcon, and our ability to execute the concept/basic design
phases in the U.S. in line with our understanding of Alcon�s
requirements.� Foster Wheeler Ltd. 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 our clients through one of its two
primary business groups. The company�s Engineering &
Construction (E&C) 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
Hamilton, Bermuda, 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. Biokinetics, Inc., acquired by
Foster Wheeler in 2008, was established in 1996 and is a recognized
industry leader in process systems design for the biopharmaceutical
industry. Biokinetics is headquartered in Philadelphia,
Pennsylvania, with additional operations in Emeryville, California,
USA and Carlow, Ireland. For more information about Biokinetics,
please visit www.biokinc.com. Safe Harbor Statement Foster Wheeler
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 Part I, Item 1A �Risk Factors� of the
Company�s 2007 Form 10-K, which we filed with the SEC on February
26, 2008 and the following, could cause the Company�s 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 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 us or where equipment or
services are or may be provided by us, 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 foreign and domestic
companies, compliance with its debt covenants, recoverability of
claims against its customers and others by the Company and clams 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.
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jul 2023 to Jul 2024