Foster Wheeler Announces Election of Two Directors
August 02 2011 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced that its shareholders
have elected Roberto Quarta, 62, and John M. Malcolm, 60, to the
company’s board of directors. Mr. Quarta was elected to serve a
term expiring at the company’s annual general meeting to be held in
2012. Dr. Malcolm was elected to serve a term expiring at the
company’s annual general meeting to be held in 2013.
Mr. Quarta joined Clayton, Dubilier & Rice LLC, a private
equity firm, as an operating partner in 2001 and was appointed
Chairman Europe in 2009. He served as Chief Executive Officer of
BBA Group plc, a multinational aviation services and materials
technology company, from 1993 to 2001, and then as Chairman from
2001 to 2007. Prior to that, he spent 17 years in a variety of
senior management positions with BTR plc, a global diversified
industrial conglomerate. Mr. Quarta currently serves as the
Chairman of the Supervisory Board of Rexel SA, a leading global
electrical distributor to the industrial, residential and
commercial sectors. He serves on the Board of Directors of IMI plc,
an international engineering group, and is expected to become
non-executive Chairman commencing November 1, 2011. Mr. Quarta also
serves on the Board of Directors of BAE Systems plc, a global
defense, security and aerospace company, and is a member of the
Compensation Committee. Previously, Mr. Quarta served as
a director of Azure Dynamics Corporation, a manufacturer of
hybrid electric vehicles, controls and powertrain
systems, Equant NV, a global LAN telecommunications provider,
and PowerGen plc, a major UK energy provider. He holds a BA degree
from the College of the Holy Cross in Worcester, Massachusetts.
Dr. Malcolm has been an independent energy consultant since
January 2011. Prior to that, Dr. Malcolm served for 25 years in
various capacities with Royal Dutch Shell plc, a global group of
energy and petrochemicals companies, including as the Managing
Director of Petroleum Development Oman LLC, the largest oil and gas
producer in Oman, from 2002 to 2010, and as General
Manager/Managing Director of Al Furat Petroleum Company, the
largest joint venture oil and gas producer in Syria, from 1999 to
2002. Dr. Malcolm also serves as a director of Partex Oil & Gas
(Holdings) Corporation, an international oil and gas company. He
holds a BA degree in Electrical & Electronic Engineering and a
PhD in Process Control Engineering, both from Heriot-Watt
University in Edinburgh, Scotland.
“Recognizing the broad and diverse experience that Roberto and
John offer, we are extremely pleased that these two very
accomplished gentlemen have chosen to join the Foster Wheeler
board, and we all look forward to their future contributions,” said
Raymond J. Milchovich, Non-Executive Chairman of the Board of
Foster Wheeler AG.
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
approximately 12,000 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, mining and metals,
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 office is in Geneva,
Switzerland. For more information about Foster Wheeler, please
visit our Web site at www.fwc.com.
Safe Harbor Statement
Foster Wheeler AG 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 the Company’s most recent Annual Report on
Form 10-K, which was filed with the U.S. Securities and Exchange
Commission and the following, could cause the Company’s business
conditions and results to differ materially from what is contained
in forward-looking statements: benefits, effects or results of the
Company’s redomestication or the relocation of our principal
executive offices to Geneva, Switzerland; the benefits, effects or
results of our strategic renewal initiative; further deterioration
in global economic conditions, changes in investment by the oil and
gas, oil refining, chemical/petrochemical and power generation
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 the Company
or where equipment or services are or may be provided by the
Company, 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
global competition, compliance with its debt covenants,
recoverability of claims against its customers and others by the
Company and claims 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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