Amec completes 2bn Foster Wheeler takeover
Thu, 13th November 2014

Amec completes £2bn Foster Wheeler takeover

Amec has completed its £2bn takeover of construction company Foster Wheeler, which has operations in Reading, and changed its name as a result.

The new company, known as Amec Foster Wheeler, has a workforce of more than 40,000 staff across 50 countries, as well as a £6.3bn order book.

The combined group would have generated pro-forma trading profits of £521m in 2013

Amec Foster Wheeler said it would be a "major player" in the mining, clean energy, power generation, environment and infrastructure markets, and use its increased scale to widen and deepen customer relationships.

The terms of the agreement were outlined by Amec at the start of the year.

Samir Brikho, chief executive of Amec, will take up the same role at Amec Foster Wheeler.

"In creating our new company we are building on the proud heritage, skills and customer relationships of two already successful and highly respected businesses," said Brikho.

"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."

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.

Its Global Power Group, a power equipment business, will operate across all geographies.

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category South East  |  source Insider Media