Sector News

Foster Wheeler Closes Acquisition of MDM Engineering Group Limited

October 24, 2014
Chemical Value Chain
(BUSINESS WIRE) – Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”) on terms consistent with the merger implementation agreement entered into on March 12, 2014.
 
MDM will become part of the rapidly growing Minerals and Metals group within Foster Wheeler.
 
“This acquisition is part of our strategy to continue to enhance our global capability and capacity in the minerals and metals market. It provides a platform for growth in Africa, one of the fastest growing mining regions in the world, and in other regions, and we look forward to working with the MDM team to achieve our growth objectives,” said J. Kent Masters, Chief Executive Officer, Foster Wheeler AG.
 
MDM is a South African based provider of services from feasibility studies through to the engineering, procurement and construction phase.
 
Barclays acted as exclusive financial advisor and Latham and Watkins LLP and Conyers, Dill & Pearman acted as legal advisors to Foster Wheeler. GMP Securities acted as exclusive financial advisor and Memery Crystal LLP and Carey Olsen acted as legal advisors to MDM.
 
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 13,000 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, minerals 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 Reading, United Kingdom. For more information about Foster Wheeler, please visit our website at www.fwc.com.
 
Source: Foster Wheeler

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