Foster Wheeler Enters into License Contract for Advanced Pulverized-Coal Technology in Korea
September 04 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has entered into a
fifteen-year agreement with Bumwoo ENG Co., Ltd. to provide an
advanced technology license for wall-fired subcritical and
supercritical pulverized-coal (PC) steam generators to be sold in
South Korea. The terms of the agreement were not disclosed. The
contract value will be included in the company�s third-quarter 2008
bookings and future royalty payments will be recorded over the life
of the agreement. �This license agreement opens up an additional
market for Foster Wheeler in Korea and further demonstrates Foster
Wheeler�s world-class advanced boiler technology in the global
marketplace,� said David J. Parham, executive vice president of
Global Sales and Marketing, Foster Wheeler Global Power Group.
�This strategically important agreement strengthens both companies
and further extends our successful long term relationship.� During
the signing ceremony, Geun Heung Lee, president of Bumwoo ENG Co.,
Ltd. stated, �Bumwoo ENG is excited by the opportunity to work
together with a worldwide technology leader like Foster Wheeler in
the PC steam generator market.� 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. 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.
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