- 2013 annualised scope revenue of £5.5 billion(1) and
order book of £6.3 billion(2)
- Combined, highly skilled workforce of over 40,000 people in 50
countries
- Strong presence across oil and gas sector
- Management team for four business units confirmed
LONDON, UK, Nov. 13, 2014 /CNW/ - Amec Foster Wheeler plc
today announces the creation of a new force in global engineering,
project delivery, asset support, power equipment and consultancy
following the completion of the £5bn combination of AMEC plc and
Foster Wheeler AG.
The new company, Amec Foster Wheeler, has a highly skilled
workforce of over 40,000 in more than 50 countries, 2013 annualised
scope revenues of £5.5 billion(1) and a £6.3bn order
book(2). The combined company would have generated
pro-forma trading profits of £521 million in 2013.
Amec Foster Wheeler designs, delivers and maintains strategic
and complex infrastructure assets across a range of markets. It has
a strong presence across the onshore and offshore oil and gas value
chain – from production, through processing, gas monetisation,
midstream, oil refining and chemicals.
Amec Foster Wheeler is also a major player in the mining, clean
energy, power generation, environment and infrastructure markets,
using its increased scale to widen and deepen customer
relationships. In addition, Amec Foster Wheeler is a leading
designer, fabricator and supplier of advanced boiler systems for
the power generation and industrial markets.
The combination strengthens its already considerable positions
in North America and Europe and further enhances its established
presence in growth markets of the Middle
East, Asia and Latin America. Amec Foster Wheeler has 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.
Based on 2013 pro-forma numbers, 56% of its revenues came from
oil and gas, 19% came from clean energy, 9% from environment and
infrastructure, 8% from the Global Power division and 8% from
mining.
The engineering and project delivery operations will be managed
through three geographic business units: Americas; Northern Europe & Commonwealth of
Independent States; Africa,
Middle East, Asia & Southern
Europe. The Global Power Group, the power equipment
business, will operate across all geographies.
These four business units will 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. High Value Execution
Centres and Centres of Expertise will support this activity.
Reporting to Chief Executive Samir
Brikho, the Group Presidents (see biographies in notes to
editors below) for the four business units are:
- Simon Naylor (Americas);
- John Pearson (Northern Europe & Commonwealth of
Independent States);
- Roberto Penno (Africa, Middle
East, Asia &
Southern Europe);
- Gary Nedelka (Global Power
Group)
The 10-strong Leadership Team is completed by:
- Ian McHoul (Chief Financial Officer);
- Jeff Reilly (Group President of
Strategy & Business Development);
- Jon Nield (Group Project
Delivery Director);
- Will Serle (Group Human
Resources Director); and
- Alison Yapp (General Counsel and
Company Secretary).
Samir Brikho, Chief Executive of
Amec Foster Wheeler, said: "In creating our new company we are
building on the proud heritage, skills and customer relationships
of two already successful and highly respected businesses. Amec
Foster Wheeler operates in more than 50 countries worldwide, in
strong end markets and throughout the value chain. 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's American Depositary Shares will begin
trading on the New York Stock Exchange today on a 'when issued'
basis under the ticker AMFW. The company's ordinary shares are
listed on the London Stock Exchange and its ticker will change from
AMEC to AMFW at the UK market open tomorrow, Friday 14
November.
Notes to editors:
Footnotes
(1): Scope revenue excludes the incremental procurement of AMEC and
pass-through procurement of Foster
Wheeler. Pro forma 2013 scope revenue has been prepared
under IFRS and AMEC's accounting policies
(2): AMEC and Foster Wheeler (scope
only, converted into Sterling at year end closing rates) as
reported order books, added together
Amec Foster Wheeler (www.amecfw.com) designs, delivers
and maintains strategic and complex assets for its customers across
the global energy and related sectors.
With annualised scope revenues of £5.5 billion and over 40,000
employees in more than 50 countries, the company operates across
the whole of the oil and gas industry – from production through to
refining, processing and distribution of derivative products – and
in the mining, clean energy, power generation, pharma, environment
and infrastructure markets.
Group President Biographies
- Simon Naylor, Group
President, Americas
Appointed to the role of Group
President AMEC Americas in October
2012. He was previously President of Natural Resources
Americas, where he led the growth of AMEC's leading positions in
Mining, Oil & Gas and Oil Sands from August 2007. Since joining AMEC in 1993 he has
worked across the project lifecycle, from consulting to engineering
and project management. Prior to joining AMEC, Simon was a project
manager at ABB Global. His experience includes project development,
asset support, strategy, customer relationship management and
operations leadership.
- John Pearson, Group
President Northern Europe
& CIS
Appointed Group President, AMEC Europe in
October 2012, prior to which he was
Managing Director, Natural Resources Europe and West
Africa. John joined AMEC in 1990 and has worked in a variety
of roles in engineering and project management, including leading
AMEC's Oil & Gas projects and asset support business streams
globally. He is Co-Chair of Oil & Gas UK.
- Roberto Penno, Group
President AMEA & Southern
Europe
Appointed CEO of Foster Wheeler's Global E&C Group in 2013,
he was previously CEO of Foster Wheeler's Global E&C
Group's Asia-Pacific Region. In his more than 25 years with
Foster Wheeler, he has held a
variety of positions with the company, including managing director
of Global Sales, Marketing and Strategic Planning; director of
commercial operations for Foster Wheeler Asia Pacific; and
other senior roles in operating unit management, sales and
commercial management in Europe,
Asia and the US.
- Gary Nedelka, Group President Global Power
Group
Served as Chief Executive Officer of Foster Wheeler's Global Power Group since
January 2009, prior to which he was
President and Chief Executive Officer of Foster Wheeler North
America Corp. Gary joined Foster
Wheeler in 1979 and has held a variety of positions of in
commercial operations and engineering management, including
President and General Manager of Foster
Wheeler's operating companies in China.
Forward-Looking Statements
This announcement contains statements which constitute
"forward-looking statements". Forward-looking statements include
any statements related to future results of operations of the
enlarged group and are generally identified by words such as
"believe," "expect," "anticipate," "intend," "estimate," "will,"
"may," "continue," "should" and other similar expressions.
Forward-looking statements are subject to various risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of AMEC, that could cause actual results and
developments to differ materially from those expressed in, or
implied or projected by, the forward-looking statements.
AMEC does not undertake to update any of the forward-looking
statements after this date to conform such statements to actual
results, to reflect the occurrence of anticipated results or
otherwise.
This announcement includes pro-forma numbers which have not been
audited and are therefore subject to change.
IMPORTANT INFORMATION:
An offer to purchase all of the issued and outstanding
registered shares of Foster Wheeler AG (the "Offer") has been made
by AMEC plc (the "Offeror") through AMEC International Investments
BV, a wholly-owned subsidiary of the Offeror.
This material is for informational purposes only and does not
constitute or form part of an offer to sell or the solicitation of
an offer to buy or subscribe to any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This material is not an offer of securities for sale into
the United States. No offering of
securities shall be made in the United
States except pursuant to registration under the US
Securities Act of 1933, or an exemption therefrom.
In connection with the Offer, the Offeror has filed a
registration statement on Form F-4 (as amended), which includes a
prospectus, and a Tender Offer statement on Schedule TO (the
"Schedule TO"). The Offer has been made exclusively by means of,
and subject to, the terms and conditions set out in, an offer
document containing and setting out the terms and conditions of the
Offer (the "Offer Document") and a letter of transmittal and form
of acceptance (the "Acceptance Forms") which were delivered to
Foster Wheeler AG, filed with the United States Securities and
Exchange Commission (the "SEC") and mailed to Foster Wheeler AG
shareholders.
The release, publication or distribution of this material in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this material is released,
published or distributed should inform themselves about and observe
such restrictions.
SHAREHOLDERS OF FOSTER WHEELER AG ARE URGED TO READ ALL
DOCUMENTS REGARDING THE OFFER WHEN THEY BECOME AVAILABLE (INCLUDING
THE EXHIBITS THERETO) AS THEY CONTAIN IMPORTANT INFORMATION ABOUT
THE OFFER.
The Offer Document, the Schedule TO and other related documents
filed by the Offeror and Foster Wheeler AG are available
electronically without charge at the SEC's website, www.sec.gov.
Materials filed with the SEC may also be obtained without charge at
the Offeror's website, www.amec.com or at Foster Wheeler's website
www.fwc.com, respectively.
While the Offer has been made to all holders of Foster Wheeler
AG common shares, this material does not constitute an offer or a
solicitation in any jurisdiction in which such offer or
solicitation is unlawful. The Offer has not been made in, nor will
deposits be accepted in, any jurisdiction in which the making or
acceptance thereof would not be in compliance with the laws of such
jurisdiction. However, the Offeror may, in its sole discretion,
take such action as it may deem necessary to extend the Offer in
any such jurisdiction.
SOURCE Amec Foster Wheeler