Foster Wheeler Acquires Pharma/Biotech Construction Management Company
January 09 2013 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that it has
acquired Yonkers Industries, Inc., a 30-year-old US-based firm that
specializes in the management of construction and commissioning of
pharmaceutical and biotech facilities, with capabilities to also
manage the full EPCm (Engineering, Procurement and Construction
Management) of such facilities.
With offices in California, North Carolina and Puerto Rico,
Yonkers Industries has approximately 200 professionals. Through its
participation in a project-services partnership called Modular
Partners, Yonkers also has the ability to provide modular project
delivery services on a worldwide basis.
“The acquisition of Yonkers Industries gives our pharmaceutical
business a construction management capability in North America,”
said Kent Masters, Chief Executive Officer of Foster Wheeler AG.
“Yonkers has a global reputation for excellence in contract
execution, and the addition of this construction management
capability immediately strengthens our value proposition to
pharmaceutical and biotech clients.”
Masters added, “Foster Wheeler Biokinetics, our US-based
pharmaceutical unit, will experience the most immediate benefit
from this acquisition – as the client portfolios and geographic
coverage of the two companies fit together quite effectively. We
believe that the project and construction management skills of
Yonkers are a perfect complement to the biotech engineering
expertise of Biokinetics.”
Foster Wheeler AG is a global engineering and construction
company 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.
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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 to Switzerland; the benefits, effects or
results of our strategic renewal initiative; further deterioration
in global economic condition; changes in investment by the oil and
gas, oil refining, chemical/petrochemical and power generation
industries; changes in the financial condition of our 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 our global operations; currency fluctuations; war,
terrorist attacks and/or natural disasters affecting 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
debt covenants; recoverability of claims against customers and
others by the Company and claims by third parties against the
Company; and changes in estimates used in our 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 or furnished with
the Securities and Exchange Commission.
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