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.
Contacts:
Media:
Maureen Bingert,
908-730-4444
maureen_bingert@fwc.com
or
Beth
Haven, 215-656-2530
beth.haven@biokinc.com
or
Investor
Relations:
Scott Lamb, 908-730-4145
scott_lamb@fwc.com
or
Other
Inquiries:
908-730-4000
fw@fwc.com
