Amec, Foster Wheeler merge to create £5.5bn company

Amec, Foster Wheeler merge to create £5.5bn company

13th November 2014       By: Leandi Kolver

Engineering and project management company Amec has completed its merger with Switzerland-headquartered global engineering and construction company and power equipment supplier Foster Wheeler.

The newly created company, called Amec Foster Wheeler, had an annualised scope revenue of £5.5-billion and a £6.3-billion order book, with a workforce of more than 40 000 people in 50 countries.

“In creating our new company we are building on the proud heritage, skills and customer relationships of two already successful and highly respected businesses. With our strong management team and talented workforce, we will not only serve our customers better, but can also offer our highly skilled employees even better career opportunities. I am proud to be leading the combined business into a new phase of growth,” Amec Foster Wheeler CE Samir Brikho commented.

The company said this combination strengthened its already considerable positions in North America and Europe and further enhanced its established presence in the growth markets of the Middle East, Asia and Latin America.

“Amec Foster Wheeler has a more entrenched market presence and penetration prospects and will also enjoy a broader spread of customers among both independent oil majors and the world’s national oil companies,” the merged entity said.

The newly formed company’s engineering and project delivery operation would be managed through three geographic business units namely Americas; Northern Europe & Commonwealth of Independent States; and Africa, Middle East, Asia & Southern Europe. Amec Foster Wheeler’s power equipment business The Global Power Group would operate across all geographies.

These four business units would be supported by a global strategy and business development function – focused on the development of market and regional strategies, customer relationship management and business acquisition, and a project delivery function – to assure and drive project excellence and leverage Amec Foster Wheeler’s global talent and experience, the company said.

Amec Foster Wheeler’s American Depository Shares would start trading on the NYSE on Thursday under the ticker AMFW, while Amec’s ordinary shares and ticker listed on the LSE would change from AMEC to AMFW on Friday morning.

Meanwhile, Foster Wheeler would voluntarily delist its registered shares from Nasdaq Global Select Market.

About prosperitysaskatchewan

Consultant on Saskatchewan's natural resources.

Posted on November 14, 2014, in miscellaneous. Bookmark the permalink. Leave a comment.

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