Foster Wheeler And GE Energy Sign Mining and Metals Memorandum of Understanding in Chile
October 26 2011 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that the
Chilean subsidiary of its Global Engineering and Construction Group
has signed a memorandum of understanding with a unit of GE Energy
to explore the pursuit of selected mining and metals projects in
South America.
Together, GE Energy and Foster Wheeler Chile S. A. would be able
to offer innovative solutions to the mining sector, combining
equipment and technology from GE Energy, together with the
technical expertise in mining and metals and the project execution
capability of Foster Wheeler Chile S.A.
This combined offering would include mineral processing, power
generation and water desalination facilities, providing solutions
to address processing issues, and to improve productivity, water
and waste management and power utilization.
“With labor shortages, capital challenges, lower mineral ore
grades, water and energy supply difficulties and complex
infrastructures, mining companies have a number of challenges to
overcome,” said Jose Luis Fernandez Bris, General Manager, Foster
Wheeler Chile S.A. “Working with GE Energy, we can offer a wide
range of innovative solutions to help the mining industry meet
these challenges.”
“With rising demand, environmental considerations and the need
to venture into more remote areas, mining companies may be facing
some of their biggest challenges ever,” said Keiran Coulton,
President, Global Industries, GE Energy. “By thinking systems
instead of products -- and complementing our expertise with that of
Foster Wheeler Chile -- we can offer solutions in South America
that should enable more productive mining.”
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.
About GE
GE (NYSE: GE) is an advanced technology, services and finance
company taking on the world’s toughest challenges. Dedicated to
innovation in energy, health, transportation and infrastructure, GE
operates in more than 100 countries and employs about 300,000
people worldwide. For more information, visit the company's Web
site at www.ge.com. GE serves the energy sector by developing and
deploying technology that helps make efficient use of natural
resources. With more than 90,000 global employees and 2010 revenues
of $38 billion, GE Energy www.ge.com/energy is one of the world’s
leading suppliers of power generation and energy delivery
technologies. The businesses that comprise GE Energy—GE Power &
Water, GE Energy Services and GE Oil & Gas—work together to
provide integrated product and service solutions in all areas of
the energy industry including coal, oil, natural gas and nuclear
energy; renewable resources such as water, wind, solar and biogas;
and other alternative fuels.
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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